We are purchasing a newly built flat in Chobham and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How does conveyancing in Chobham differ for newly converted properties?
Most buyers of new build property in Chobham contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Chobham typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Chobham or who has acted in the same development.
I opted to have a survey completed on a house in Chobham ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may refuse to give a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chobham. Conveyancing will be smoother if you use a solicitor in Chobham especially if they are familiar with such properties in Chobham.
I need to appoint a conveyancing solicitor for sale conveyancing in Chobham. I happened to land on a web site which appears to be the ideal solution If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have been looking for Chobham online conveyancing estimates. Can I be confident that all the Chobham practices that are identified on your site are on the mortgage company conveyancing panel?
The law firms on our directory have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Chobham conveyancing solicitor being on the mortgage company conveyancing panel is not accurate.