My wife and I are purchasing a new build apartment in Gateshead and my conveyancer is telling me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have just over seventy years left on my lease and require a lease extension for my apartment in Gateshead. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/5/2024 the requirements read as follows :
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Gateshead conveyancer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Gateshead bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Gateshead conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my house. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being pedantic. The Gateshead solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Gateshead differ for new build properties?
Most buyers of new build residence in Gateshead contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Gateshead usually purchase the site, 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 property lawyers 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 Gateshead or who has acted in the same development.
I need to find a conveyancing solicitor for my conveyancing in Gateshead. I have discover a web site which appears to be the ideal answer If there is a chance to get all this stuff completed via web that would be preferable. Should I be wary? 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?