I am purchasing a newly constructed flat in Bedminster and my lawyer is telling me that she has to the mortgage company to reveal incentives from the developer. I am on a tight deadline to exchange contracts and my preference is not to delay matters. 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 lender 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.
The deeds to our home can not be found. The conveyancers who dealt with the conveyancing in Bedminster 4 years ago are no longer around. What are my options?
Assuming the title is registered the details of your ownership will be evidenced by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, find your property and get up to date copies of the property title for a small fee. If the property is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
How does conveyancing in Bedminster differ for newly converted properties?
Most buyers of new build or newly converted property in Bedminster contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Bedminster usually buy the land, 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 Bedminster or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Bedminster I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Bedminster suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Do online conveyancing organisations do everything a high street Bedminster solicitor does or must I employ a solicitor for the final stages for my conveyancing in Bedminster?
Where you choose an online conveyancer they should undertake all the tasks your Bedminster solicitor will cover.