My wife and I are purchasing a newly constructed duplex in Southborough and my solicitor is informing me that she has to the lender to reveal incentives from the builder. I am under pressure to exchange and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank 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.
We are buying a purpose built apartment in Southborough with a loan from Lloyds TSB Bank.We would like to retain our Southborough conveyancing solicitor but Lloyds TSB Bank informed us her practice is not listed on their approved list of firms. we are left little option but to use a Lloyds TSB Bank panel lawyer or keep our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Lloyds TSB Bank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
My wife and I have a renovated Georgian house in Southborough. Conveyancing practitioner acted for me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southborough and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing practitioner who conducted the work.
How does conveyancing in Southborough differ for newly converted properties?
Most buyers of new build or newly converted property in Southborough come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Southborough typically buy the land, 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 Southborough or who has acted in the same development.
I have recently placed an offer on an apartment in Southborough and the broker that we are using recommended his conveyancer. He quoted nine hundred pounds excluding VAT and 3rd party costs. Does this sound like a good deal?
Don't just go on one quote. You should seek like-for-like quotes for your conveyancing in Southborough. Then select one that you trust and just as important, is on the approved list of the bank that you have applied for a mortgage from.