My partner and I are purchasing a newly constructed duplex in Wood Green and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How does conveyancing in Wood Green differ for newly converted properties?
Most buyers of new build or newly converted property in Wood Green come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Wood Green usually 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 used to new build conveyancing in Wood Green or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Wood Green is where the house is located. Can you offer any assistance?
Flying freeholds in Wood Green are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wood Green you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wood Green may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Hoping to buy a property located in Wood Green and I am already nervous. I couldn't find anything specific about Wood Green. Conveyancing will be needed in due course but do you know about the Wood Green area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wood Green. In the meantime here are some basic statistics that we found
We are buying a four bedroom bungalowin Wood Green with a mortgage from a lender. We have a lawyer in Wood Green but our lender says she’s not on their "panel". We have to appoint one of the our mortgage company panel firms or keep our Wood Green solicitor and pay for one of their panel ones to represent our mortgage company. We feel as though this is unjust; is there anything we can do?
No, not really. The lender mortgage offered to you is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most banks had open panels, including many conveyancing solicitors in Wood Green : a borrower could choose 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 your mortgage company.