My partner and I are buying a brand new duplex in Addiscombe and my conveyancer is telling me that she is duty bound to the bank to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Please explain the implications if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Addiscombe?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is it necessary to take out insurance to address the risk of chancel repairs when buying a property in Addiscombe?
Unless a previous purchase of the property completed post 12 October 2013 you may assume that lawyers conducting conveyancing in Addiscombe to continue to propose a a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified during conveyancing in Addiscombe?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Addiscombe. 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 Addiscombe differ for new build properties?
Most buyers of new build premises in Addiscombe approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because developers in Addiscombe tend to purchase 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 conveyancing solicitors 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 Addiscombe or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Addiscombe is where the house is located. What do you suggest?
Flying freeholds in Addiscombe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Addiscombe you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Addiscombe may decide 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.