My husband and I are buying a newly built duplex in Wigton and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the seller. I am under pressure to exchange contracts and I have no desire to prolong deal. 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 mortgage company 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Wigton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Wigton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Wigton differ for new build properties?
Most buyers of new build or newly converted property in Wigton come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Wigton usually purchase the real estate, 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 conveyancers 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 used to new build conveyancing in Wigton or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Wigton ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some banks tend not grant a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wigton. Conveyancing will be smoother if you use a solicitor in Wigton especially if they are familiar with such properties in Wigton.
We are hoping to buy a repossessed flat in Wigton and the vendor would like to complete within 28 days. Do conveyancers meet that timeframe? Am I best advised to instruct a high street Wigton firm or an online organisation that advertises to complete quickly?
Visit your Wigton shopping parade. Pop in to two or three solicitor’s offices and request to see a conveyancing solicitor for a quote. Explain your requirements and seek a commitment on deadlines. Select the firm that seems most efficient. Make sure to select a solicitor on the list of conveyancing practitioners acceptable to your bank.