We are purchasing a brand new apartment in Elmers End and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do the Building Society Association intend to launch a search tool with a view to list practices on the Norwich and Peterborough Building Society conveyancing panel for example in Elmers End?
We are not aware of any intention on the part of the BSA to develop such a search facility.
Can you help - my lawyer says that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Elmers End conveyancing?
The appropriate level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
When it comes to mortgage companies such as HSBC, do Elmers End conveyancers face a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
My wife and I are spending time looking at apartments in Elmers End and I am now considering a potential offer. Is it sensible to have my lawyer on ‘stand by’? I am planning to take a home loan with HSBC.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are seeking a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
What will a local search inform me about the house my wife and I buying in Elmers End?
Elmers End conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search plays a central role in most Elmers End conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant 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 13 topic sections.
How does conveyancing in Elmers End differ for new build properties?
Most buyers of new build or newly converted property in Elmers End come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Elmers End usually acquire 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 accustomed to new build conveyancing in Elmers End or who has acted in the same development.