My wife and I are acquiring a newly built apartment in Sawbridgeworth and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. 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 downsizing from our home in Sawbridgeworth and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Sawbridgeworth conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a factory type conveyancing practice as opposed to a conveyancing solicitor in Sawbridgeworth. Having lived in Sawbridgeworth for 4 years we know that this is a non issue. Should we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Are there restrictive covenants that are commonly picked up as part of conveyancing in Sawbridgeworth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sawbridgeworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Sawbridgeworth differ for new build properties?
Most buyers of new build premises in Sawbridgeworth contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Sawbridgeworth tend to buy 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 accustomed to new build conveyancing in Sawbridgeworth or who has acted in the same development.
I have been pointed in your direction by a few property agents in Sawbridgeworth to choose a property lawyer on your site. What’s the financial advantage for Estate Agents to market your site over and above alternative conveyancing organisations?
We don’t make any financial incentive for directing people in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.