My husband and I are buying a newly built duplex in Reynoldston and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. I am on a tight deadline to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. 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.
We note that you have a search directory listing law firms on the Barclays conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Reynoldston?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Reynoldston.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Reynoldston.
The risk of flooding is if increasing concern for solicitors dealing with homes in Reynoldston. There are those who buy a house in Reynoldston, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Reynoldston. The standard property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine whether the property has suffered from flooding. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser could issue a compensation claim as a result of such an incorrect reply. A buyer’s conveyancers may also order an enviro search. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be conducted.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Reynoldston I like with a park and transport links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Reynoldston in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Am I better off to choose a Reynoldston conveyancing solicitor who is local to the property I am buying? I have an old university friend who can execute the legal formalities but her office is 400miles away.
The primary upside of using a local Reynoldston conveyancing practice is that you can attend the office to execute documents, deliver your identification documents and apply pressure on them if necessary. Having local Reynoldston know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and they were content that should outweigh using an unfamiliar Reynoldston conveyancing solicitor just because they are based in the area.