We are purchasing a new build flat in Bearsted and my solicitor is advising me that she has to the bank to reveal incentives from the seller. I am on a tight deadline to exchange and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Bearsted?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bearsted. 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 Bearsted differ for newly converted properties?
Most buyers of new build or newly converted property in Bearsted come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Bearsted typically 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 accustomed to new build conveyancing in Bearsted or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Bearsted I like with a park and station in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Bearsted suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
My husband and I are new to the buying process - had an offer accepted, but the agent told us that the owners will only issue a contract if we use the agent's recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer used to conveyancing in Bearsted
We suspect that the owner is unaware of this ultimatum. If they require ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Bypass the agents and go straight to the owners and explain that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you intend to use your preferred Bearsted conveyancing solicitors - not the ones that will give their estate agent a kickback or meet his conveyancing thresholds demanded by HQ.