My wife and I are purchasing a brand new duplex in Ravenshead and my lawyer is advising me that she is duty bound to the bank to disclose incentives from the developer. The Estate Agents are hassling me 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 solicitor. A precondition to being on a bank 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.
I am buying a semi-detached house in Ravenshead. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ravenshead you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ravenshead.
How does conveyancing in Ravenshead differ for newly converted properties?
Most buyers of new build premises in Ravenshead contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because builders in Ravenshead typically 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 conveyancing solicitors 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 Ravenshead or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Ravenshead is the location of the property. Is there any guidance you can impart?
Flying freeholds in Ravenshead are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ravenshead you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ravenshead may decide 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 premises.
What are my options where I am unhappy with the property lawyer who handled my conveyancing in Ravenshead?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that occasionally matters do not go as planned. That being said there is recourse where you were dissatisfied with your conveyancing in Ravenshead. This varies from trying to resolve matters directly with them, through to reporting a lawyer to their regulator. If things still aren’t resolved you may consider getting in touch with the Legal Ombudsman.