My husband and I are planning to acquire a property in Ditchling and have appointed a Ditchling conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Yorkshire Building Society have this afternoon contacted us to inform me that there is now an issue as our Ditchling lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Ditchling solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My god-son is in the process of securing a house that has just been built in Ditchling with a home loan from TSB. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are there restrictive covenants that are commonly identified during conveyancing in Ditchling?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ditchling. 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…’
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Ditchling I like with amenity areas and station nearby, however it's only got 52 years on the lease. There is not much else in Ditchling in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Am I best advised to go with a Ditchling conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can carry out the conveyancing however his firm is located a couple of hundredmiles drive away.
The benefit of a local Ditchling conveyancing firm is that you can drop in to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were content that should trump using an unfamiliar Ditchling conveyancing solicitor solely due to them being round the corner.