My wife and I are purchasing a brand new flat in Dorking and my solicitor is advising 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 the conveyancing. 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 mortgage company 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.
It is is a decade since I acquired my property in Dorking. Conveyancing lawyers have now been retained on the sale but I can't find the deeds. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be with your lender or they could be in the possession of the lawyers who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Dorking relates to registered property but in the unlikely event that your home is unregistered it is more problematic but is not insurmountable.
What does a local search reveal concerning the property I am purchasing in Dorking?
Dorking conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance PSG The local search plays an important part in most Dorking conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search will supply data on, amongst other things, details on planning applications applicable 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 thirteen subject sections.
How does conveyancing in Dorking differ for new build properties?
Most buyers of new build residence in Dorking come to 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 Dorking tend to 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 Dorking or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Dorking is the location of the property. Can you offer any advice?
Flying freeholds in Dorking are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dorking you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dorking may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.