We are buying a new build flat in West Ealing and my solicitor is advising me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong the conveyancing. 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 lender 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.
we are a couple who are hoping to buy a newbuild flat in West Ealing with a loan from National Westminster Bank.We use our West Ealing conveyancing lawyer but National Westminster Bank advised that his firm is not on their "panel". we are left little option but to use a National Westminster Bank panel firm or retain our local solicitor and pay for a National Westminster Bank panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you is subject to its various provisions, a common one being that lawyers needs to be on the National Westminster Bank solicitor panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for National Westminster Bank
The estate agent has sent us the confirmation of our purchase of a new build flat in West Ealing. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in West Ealing
Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I opted to have a survey done on a house in West Ealing in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some banks will not give a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in West Ealing. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Ealing to see if the conveyancing costs will increase in light of this.
What can I do where I am not happy with the conveyancing practitioner who carried out our conveyancing in West Ealing?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that every so often things do go wrong. Nevertheless there is recourse if you were unhappy with your conveyancing in West Ealing. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their governing body. If things still aren’t resolved you may consider getting in touch with the Legal Ombudsman.