I am buying a new build flat in Mansfield and my solicitor is advising me that she is duty bound to the lender to disclose incentives from the seller. I am under pressure to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
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 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.
How does conveyancing in Mansfield differ for newly converted properties?
Most buyers of new build residence in Mansfield contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Mansfield usually acquire the site, 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 accustomed to new build conveyancing in Mansfield or who has acted in the same development.
What makes your site different to other web based conveyancing brokers when it comes to conveyancing in Mansfield?
At this site secure a fixed fee quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Mansfield. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you choose them for your property ownership legalities in Mansfield
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Mansfield. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Mansfield are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Mansfield so you should seriously consider looking for a Mansfield conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
Leasehold Conveyancing in Mansfield - A selection of Queries Prior to buying
It is important to be aware whether redecorating or some other significant cost is due in the foreseeable future to be shared by the leaseholders and will dramatically increase the the maintenance costs or necessitate a one off invoice. The answer will be useful as a) areas can result in problems in the building as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have a dispute with the running of the building you will need to have complete disclosure
I am short of a 10% deposit on my apartment purchase in Mansfield , but I am anxious exchange. Do I have options?
You can agree a lower deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute