We are buying a newly constructed duplex in Aintree and my conveyancer is telling me that she is duty bound to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
After reviewing mumsnet.com for a high-quality lawyer in Aintree, many post that I should use a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's major lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Aintree is one of the many areas in England and Wales where there are Accredited lawyers.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Aintree?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Aintree. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Aintree differ for new build properties?
Most buyers of new build residence in Aintree come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Aintree usually purchase 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 conveyancers 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 used to new build conveyancing in Aintree or who has acted in the same development.
Our lawyer in Aintree has identified a a legal deficiency with the lease for the apartment we are purchasing in Aintree. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Aintree conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank