My partner and I are buying a newly constructed flat in Barking and my solicitor is telling me that she is duty bound to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank 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.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Barking. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/4/2019, the requirements read as follows :
I acquired my flat on 16 February and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in Barking expressed confidence that it will be dealt with in a couple of weeks. Are transfers in Barking uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Barking registration formalities. Rather than based on location, timeframes can differ depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any other persons or bodies. Currently approximately 80% of submission are completed in less than three weeks but some can be subject to extensive hold-ups. Registration takes place once the purchaser has moved in to the premises so post completion formalities is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Barking differ for new build properties?
Most buyers of new build residence in Barking contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Barking tend to acquire 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 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 used to new build conveyancing in Barking or who has acted in the same development.
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