My wife and I are acquiring a newly built duplex in South East London and my lawyer is telling me that she is duty bound to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay the conveyancing. 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 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.
Do the Building Society Association intend to launch a online directory to list firms on the Coventry BS conveyancing panel for instance in South East London?
We are not aware of any intention on the part of the BSA to promote such a search facility.
The deeds to my house can not be found. The solicitors who dealt with the conveyancing in South East London 4 years ago have long since closed. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your lawyer will know precisely where to look for all the suitable documentation so you may buy or sell your property without any difficulty. Where duplicates can’t be found, your solicitor may be able to put in place insurance or indemnities protecting you against possible claims on your premises.
How does conveyancing in South East London differ for new build properties?
Most buyers of new build property in South East London come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in South East London 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 South East London or who has acted in the same development.
My wife and I intend to purchase our 1st house in South East London. Conveyancing lawyer has been instructed. The broker suggested that a survey is not needed as the property was only built 16 yrs ago.
At the very least you should order a Home Buyer's Report. Given the premises was built more than a decade ago the property will not benefit from a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be sufficient. The report should highlight any obvious problems and recommend additional investigation where relevant. If there are any signs of material issues obtain a full structural survey.