We are acquiring a newly constructed duplex in Dorridge and my conveyancer is advising me that she has to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
How does conveyancing in Dorridge differ for new build properties?
Most buyers of new build premises in Dorridge contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Dorridge tend to buy the site, 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 Dorridge or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Dorridge in advance of retaining lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may refuse to give a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Dorridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to appoint a Dorridge conveyancing solicitor in close proximity to the house I am purchasing? An old friend can handle the legal work however his firm is located a couple of hundredmiles away.
The benefit of a local Dorridge conveyancing practice is that you can attend the office to execute paperwork, hand in your ID and pester them where appropriate. Having local Dorridge know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that must trump using an unfamiliar Dorridge conveyancing solicitor solely due to them being local.
Is it true that a Dorridge conveyancing firm got sued by clients for not carrying out the right conveyancing investigations?
We are not aware of such a Dorridge conveyancing claim but according to a recent report, a couple purchasing a house elsewhere in England successfully sued their lawyer due to development plans to construct a wind farm not being identified in conveyancing searches.
If you are thinking of buying a home in Dorridge It is essential that your solicitor purchase all Dorridge conveyancing searches needed making sure that you have accurate and up to date information before acquiring a property.