My partner and I are buying a newly built apartment in Saffron Walden and my conveyancer is advising me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay 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 bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a reason why leasehold purchase conveyancing in Saffron Walden is more expensive?
Saffron Walden leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am in the process of mortgaging my apartment in Saffron Walden, does my lawyer need to be on the Coventry BS Conveyancing panel?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Saffron Walden is where the house is located. Can you offer any advice?
Flying freeholds in Saffron Walden are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Saffron Walden 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 Saffron Walden may ascertain 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 property.
I have been advised by a number of estate agents in Saffron Walden to select a conveyancer on your site. What’s the financial advantage for Estate Agents to recommend your site over alternative conveyancing organisations?
We refuse to make any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.