We are buying a brand new duplex in Sheldon and my conveyancer is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am on a tight deadline to sign contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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.
We see that you have a search directory identifying firms on the Skipton conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Sheldon?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Sheldon.
Are the BSA planning on creating a online directory to list solicitors on the Darlington Building Society conveyancing panel for instance in Sheldon?
We would not expect to be advised of any intention on the part of the BSA to promote such a search facility.
How does conveyancing in Sheldon differ for new build properties?
Most buyers of new build residence in Sheldon approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Sheldon usually purchase 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 Sheldon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Sheldon is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sheldon are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sheldon you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sheldon may determine 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.