My wife and I are purchasing a newly built duplex in Broadway and my conveyancer is telling me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay deal. 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 conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you clarify what the consequences are if my solicitor is suspended from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Broadway?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should our lawyer be raising enquiries regarding flooding during the conveyancing in Broadway.
The risk of flooding is if increasing concern for solicitors dealing with homes in Broadway. There are those who buy a house in Broadway, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or by their solicitors which should figure out the risks in Broadway. The conventional set of information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine whether the premises has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser could bring a compensation claim resulting from an misleading response. The purchaser’s conveyancers will also order an environmental search. This should indicate whether there is a recorded flood risk. If so, further inquiries will need to be conducted.
How does the Landlord & Tenant Act 1954 impact my business premises in Broadway and how can your lawyers assist?
The 1954 Act gives security of tenure to commercial tenants, granting the right to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Broadway is one of our numerous areas of the UK in which the firms we work with are based
What type of property do your Broadway conveyancing estimates relate to?
The quotes supplied are only relevant to standard residential homes in England & Wales. Should you have any different needs such as industrial or agricultural property or commercial conveyancing in Broadway you should telephone us to address this further .