My partner and I are buying a brand new flat in Dronfield and my solicitor is telling me that she has to the bank to disclose incentives from the seller. I am on a tight deadline to exchange and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender 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.
I used Stirling Law a few years ago for my conveyancing in Dronfield. I now require my papers but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Dronfield of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Dronfield differ for new build properties?
Most buyers of new build or newly converted property in Dronfield approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Dronfield typically purchase 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 accustomed to new build conveyancing in Dronfield or who has acted in the same development.
Do I need to be suspicious by third parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Dronfield conveyancing firm?
As with many professional services, often input from family and friends can be worth their weight in gold. But there are many parties with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders may suggest solicitors to instruct. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You are at liberty to select your own conveyancer. You need to be aware that most lenders operate an approved list of law firms you are obliged to use for the mortgage related work in your transaction.
I am employed by a reputable estate agent office in Dronfield where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Dronfield conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Dronfield Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
Its a good idea to find out as much as you can concerning the company managing the building as they will either make your living at the property much easier or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the tidiness of the common parts. Ask other tenants what they think of their service. In conclusion, investigate as to the dates that the service charges are due to the appropriate party and precisely what you get for your money. How much is the ground rent and service charge? The best form of lease arrangement is a share of the freehold. In this arrangement the leaseholders have control and notwithstanding that a managing agent is usually employed if the building is bigger than a house conversion, the managing agent is directed by the tenants.