My wife and I are buying a newly constructed flat in Glossop and my solicitor is advising me that she has to the mortgage company to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company 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.
Why do I have to pay up front when it comes to conveyancing in Glossop?
Where you are retaining lawyers for conveyancing in Glossop your solicitor will request that you put them with monies to cover the search fees. Ordinarily this is called for to cover the fees of the conveyancing searches. When the down payment is payable against the sale price then this should be asked for immediately before exchange of contracts. The closing balance that is needed should be transferred shortly before completion.
I purchased my house on 6 August and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Glossop advises it should be registered in a couple of weeks. Are titles in Glossop uniquely lengthy to register?
As far as conveyancing in Glossop is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. As of today approximately 80% of submission are fully addressed within 12 days but some can be subject to protracted delays. Historically registration occurs after the purchaser is living at the property thus registration formalities is not typically top priority yet if there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for the application to be prioritised.
I have been on the look out for a flat up to £245,000 and found one near me in Glossop I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Glossop for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I was recommended by two or three local selling agents in Glossop to locate a conveyancer using your seach tool. Is there a financial upside for Estate Agents to market your services rather than a competitor’s?
We don’t make any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.