My wife and I are acquiring a newly built flat in Euston and my lawyer is informing me that she has to the mortgage company to reveal incentives from the developer. I am under pressure to exchange contracts and I don't want to delay matters. 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 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 uncle advised me that in purchasing a property in Euston there could be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Euston which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Euston should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been advised by my solicitor that missing deeds insurance is needed on my purchase. What is the level of cover for Euston conveyancing?
The right level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I'm the single beneficiary of my late mum's estate with all property in now in my sole name, including the house in Euston. The Euston property was put into my name in March. I want to move. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view banks take of it, depend on the mortgage company as this clause is principally there to identify subsales or the wholesaling and assigning of property.
I used Wolstenholmes several years past for my conveyancing in Euston. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down 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 Euston of the conveyancing firm of solicitors you previously retained, 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 Euston differ for newly converted properties?
Most buyers of new build premises in Euston contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Euston typically purchase 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 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 Euston or who has acted in the same development.
My husband and I are first time buyers - had an offer accepted, but the agent told us that the owners will only proceed if we appoint the agent's chosen solicitors as they need a ‘quick sale’. We would rather use a high street conveyancer who is familiar with conveyancing in Euston
We suspect that the owner is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to appoint your own,trusted Euston conveyancing firm - as opposed tothe ones that will earn their estate agent a introducer fee or hit his conveyancing targets demanded by head office.