I am acquiring a new build duplex in Pound Hill and my solicitor is advising me that she is duty bound to the bank to reveal incentives from the seller. I am under pressure to exchange 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 conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should conveyancers ask for money up-front for my conveyancing in Pound Hill?
Where you are retaining lawyers for conveyancing in Pound Hill your lawyer will request that you put them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be needed shortly in advance of exchange of contracts. Any further balance that is needed will be payable shortly before completion.
Please explain the implications if my lawyer’s firm is suspended from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Pound Hill?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a house in Pound Hill?
Unless a previous acquisition of the house completed after 12 October 2013 you may expect solicitors delivering conveyancing in Pound Hill to continue to propose a a chancel search and or insurance against a claim.
Due to the guidance of my in-laws I had a survey completed on a house in Pound Hill prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks tend refuse to grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Pound Hill. Conveyancing will be smoother if you use a solicitor in Pound Hill especially if they are accustomed to such properties in Pound Hill.