We are acquiring a brand new apartment in Ashton under Lyne and my solicitor is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. 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 the BSA intent on creating a searchable register to list law firms on the Darlington Building Society conveyancing panel for instance in Ashton under Lyne?
We have not been informed any intention on the part of the BSA to develop such a register.
My wife and I have a semi-detached Victorian property in Ashton under Lyne. Conveyancing lawyer represented me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ashton under Lyne and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing lawyer who completed the work.
How does conveyancing in Ashton under Lyne differ for new build properties?
Most buyers of new build premises in Ashton under Lyne contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Ashton under Lyne usually buy 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 accustomed to new build conveyancing in Ashton under Lyne or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Ashton under Lyne is where the house is located. Can you offer any assistance?
Flying freeholds in Ashton under Lyne are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ashton under Lyne you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ashton under Lyne 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 residence.
I'm converting the mortgage on my primary home to a BTL loan with National Westminster Bank and I will use the ballance of the raised equity towards further property. The neighborhood we are looking at is Ashton under Lyne. Will your lawyers be able to act for the two banks and tie in the two deals?
Do use our search tool on this page to be sure that the solicitors are approved by both banks. Assuming that they are the solicitor will be able to tie up the two deals but you should have a chat with you conveyancer and make apparent your desired outcome and needs.