My wife and I are acquiring a newly constructed duplex in Wilsden and my conveyancer is advising me that she has to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
My flat in Wilsden is up for sale and I have a buyer. Will the property lawyer need to be on the HSBC conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
How does conveyancing in Wilsden differ for newly converted properties?
Most buyers of new build or newly converted property in Wilsden 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 Wilsden tend to acquire 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 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 accustomed to new build conveyancing in Wilsden or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Wilsden before instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders will refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wilsden. Conveyancing may be slightly more expensive based on your lender's requirements.
We're first time buyers - agreed a price, but the property agent informed us that the owners will only issue a contract if we appoint their recommended conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local solicitor who is familiar with conveyancing in Wilsden
It is unlikely the vendors are driving this. Should the vendor desire ‘a quick sale', alienating a motivated purchaser is likely to cause more damage than good. Try to communicate with the sellers directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Wilsden conveyancing lawyers - not the ones that will provide the estate agent a introducer fee or meet his conveyancing targets pre-set by corporate headquarters.