My husband and I are acquiring a new build apartment in Bishopston and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. 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 for my purchase of a house in Bishopston. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 10/4/2019, the requirements read as follows :
What does a local search tell me concerning the property I am buying in Bishopston?
Bishopston conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search is essential in every Bishopston conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Bishopston differ for newly converted properties?
Most buyers of new build property in Bishopston approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Bishopston tend to buy 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 accustomed to new build conveyancing in Bishopston or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Bishopston I like with amenity areas and station nearby, however it only has 49 years on the lease. I can't really find anything else in Bishopston for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.