My husband and I are purchasing a newly built duplex in Sunningdale and my solicitor is telling me that she has to the mortgage company to disclose incentives from the developer. The Estate Agents are hassling me to exchange contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender 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.
Can you explain why leasehold purchase conveyancing in Sunningdale costs more?
In summary, leasehold conveyancing in Sunningdale and elsewhere usually involve extra due diligence compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord about serving applicable notices, obtaining up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
I am being advised by my solicitor that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Sunningdale?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and The Royal Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
We were going to get a DIP from UBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Sunningdale solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Sunningdale solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Sunningdale bank branch on various occasions and was advised it wasn't an issue and they would lend. My Sunningdale conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I simply don't know who is right.
The lawyer must comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Due to the advice of my in-laws I had a survey completed on a house in Sunningdale ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not give a loan on such a property.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sunningdale. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sunningdale to see if the conveyancing costs will increase in light of this.
My step-father has suggested that I instruct his conveyancers in Sunningdale. Should I find my own conveyancer?
There are no two ways about it the best way to find a conveyancing lawyer is to have feedback from friends or family who have experience in using the conveyancer that you are are thinking of instructing.