My husband and I are buying a newly constructed duplex in Aston and my solicitor is telling me that she is duty bound to the bank to reveal incentives from the seller. I am under pressure to sign contracts and my preference is not to delay deal. 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 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.
In reviewing mumsnet.com for a conveyancing lawyer in Aston, most advise that I must use a CQS assured lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing procedures via the scheme protocol Membership covers numerous organisations who conduct conveyancing in Aston.
How does conveyancing in Aston differ for newly converted properties?
Most buyers of new build premises in Aston contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Aston usually 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 property lawyers 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 Aston or who has acted in the same development.
Taking into account that I will soon spend 450k on a house in Aston I wish to talk to a solicitor regarding thehouse move prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you liaising with the lawyer due to be carrying out your conveyancing in Aston.There is no ‘factory style conveyancing’ - each client is unique individual, not a case number. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Aston should be the figure that you are charged.
Are there frequently found deficiencies that you encounter in leases for Aston properties?
There is nothing unique about leasehold conveyancing in Aston. Most leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain parts of the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Aston Leasehold Conveyancing - A selection of Queries before Purchasing
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Where a Aston lease has less than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Astonlease extensions you would need to own the residence for 24 months in order to be entitled to exercise a lease extension. The prefered form of lease structure is if the freehold title is owned by the leaseholders. In this scenario the tenants have control and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders.
Should I stop the direct debit for my mortgage with Virgin Money once a completion date for my sale in Aston has been set?
You are best advised to maintain paying any mortgage sums to Virgin Money pending the mortgage being paid off on completion as part of your Aston conveyancing.