I am not in a position to travel far from Aldwych. I would like to know the understand why all Aldwych lawyers aren't automatically on all mortgage company panels?
Even though it may seem unfair for lenders to limit who can act for them, from the public’s or lawyer’s standpoint, the the contrary view is that lenders are increasingly anxious and consider it necessary to shield themselves against mortgage fraud. As a consequence of this concern mortgage companies are limiting their conveyancing panel to a size that they are happy to control.
My wife and I are buying a newly built duplex in Aldwych and my solicitor is telling me that she is duty bound to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank 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.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Aldwych?
Unless a prior purchase of the house took place after 12 October 2013 you could take it that lawyers conducting conveyancing in Aldwych to continue to propose a a chancel search and or chancel repair liability policy.
How does conveyancing in Aldwych differ for newly converted properties?
Most buyers of new build or newly converted property in Aldwych contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Aldwych typically 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 accustomed to new build conveyancing in Aldwych or who has acted in the same development.
How can the Landlord & Tenant Act 1954 affect my business property in Aldwych and how can your lawyers assist?
The 1954 Act provides protection to commercial tenants, granting the right to apply to court for a renewal lease and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Aldwych is one of the many locations in which our lawyers are located
Online research suggests that Aldwych solicitors are more expensive than licensed conveyancers in Aldwych to use when purchasing a house. Am I better off using a conveyancer or a solicitor where I am buying a house in Aldwych.
When it comes to conveyancing in Aldwych the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.