My husband and I are acquiring a newly constructed duplex in Newport and my solicitor is advising me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to delay deal. 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 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.
The Newport conveyancing firm that I recently instructed on my purchase in Newport have without warning shut down. I chose them because I needed a lawyer on the Barclays conveyancing panel and my preferred Newport lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Newport I like with open areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Newport in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Should I be wary about brokers that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Newport conveyancing firm?
As is the case with lots of service providers, often input from relatives can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and lenders might all put forward solicitors to use. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to appoint your preferred lawyer. Don't forget that many lenders specify a panel list of conveyancers you must use for the lender aspect of your house move.
I’m about to sell my ground floor apartment in Newport.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – what should I do?
It best that you pay the service charge as usual as all rents and service charges should be allottedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process