I am purchasing a brand new flat in Dorchester and my conveyancer is telling me that she has to the mortgage company to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts 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 lawyer. A precondition to being on a bank 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.
My relative recommended that where I am buying in Dorchester I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Dorchester conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Dorchester around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Dorchester Education with plans and statistics, Local Amenities and other useful information regarding Dorchester.
It has been 3 months since my purchase conveyancing in Dorchester concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Dorchester differ for new build properties?
Most buyers of new build premises in Dorchester approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because developers in Dorchester typically acquire 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 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 used to new build conveyancing in Dorchester or who has acted in the same development.
My husband and I are purchasing a first floor flat in Dorchester. At the time of instructing our conveyancer, they said that they were on all major UK bank panels. The mortgage broker emailed today to say that they are not on the Leeds Building Society approved list. If it turns out to be true, what should we do? Should we simply pick a new conveyancer that is on their approved list or do we cover the costs for dual representation, with Leeds Building Society selecting their own preferred lawyer.
When acquiring a property with mortgage finance it is normal for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to fulfill. Some banks now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact Leeds Building Society 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 Leeds Building Society's conveyancing panel and you may continue to use your own Dorchester solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.