I am acquiring a new build apartment in The Hyde and my conveyancer is informing me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. 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 about to put an offer on a leasehold flat in The Hyde. The selling agents assure me that it is standard for flats in The Hyde to have less than 75 years remaining. I am getting a loan with Virgin. Will the property be mortgageable given that the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/7/2020 the requirements read as follows :
I am buying a house and the solicitor has referenced Chancel Repair to which the house could be liable because it falls into the area of such a church. He has mentioned insurance. Is this really necessary for conveyancing in The Hyde
Unless a previous purchase of the house took place post 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in The Hyde to remain encouraging a chancel search and or insurance against a claim.
I decided to have a survey carried out on a property in The Hyde ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders tend refuse to give a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in The Hyde. Conveyancing will be smoother if you use a solicitor in The Hyde especially if they regularly deal with such properties in The Hyde.
Do I need to be concerned by estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a local The Hyde conveyancing company?
As is the case with lots of service providers, often recommendations from family and friends can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward solicitors to choose. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to select your preferred conveyancer. However, bear in mind that most mortgage providers operate an approved list of lawyers you have to use for the lender related work in your house move.