We are buying a newly built apartment in Lozells and my lawyer is advising me that she has to the lender to disclose incentives from the seller. I am on a tight deadline to exchange and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
I purchased a freehold property in Lozells but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Lozells and has limited impact for conveyancing in Lozells but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
How does conveyancing in Lozells differ for new build properties?
Most buyers of new build premises in Lozells contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Lozells typically buy 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 property lawyers 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 Lozells or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Lozells is where the house is located. Can you shed any light on this issue?
Flying freeholds in Lozells are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lozells you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lozells may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My father has suggested that I appoint his conveyancers in Lozells. Should I choose my own property lawyer?
No doubt the best way to find a conveyancing solicitor is to get guidance from friends or family who have previously instructed the conveyancer that you are contemplating using.