I am purchasing a newly constructed flat in Beadnell and my solicitor is advising me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to sign contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company 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.
Can I use your services to locate a Conveyancing solicitor in Beadnell even where I’m not purchasing or selling a house, for example where I want to acquire a shop in Beadnell with a mortgage from Clydesdale?
Our comparison service is primarily utilised to select domestic conveyancing solicitors in Beadnell but we have listed towards the bottom of this page a selection of Beadnell commercial conveyancing firms. You will need to make contact with the firm directly to establish if they can also act for Clydesdale
How does conveyancing in Beadnell differ for new build properties?
Most buyers of new build residence in Beadnell come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Beadnell usually acquire the site, 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 Beadnell or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Beadnell I like with amenity areas and station nearby, however it's only got 49 years unexpired on the lease. There is not much else in Beadnell in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I'm refinancing my current property to a BTL loan with The Royal Bank of Scotland and I will use the rest of the raised equity as a deposit on a second property. The location we are interested in is Beadnell. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Make use of our search tool on this site to check that the solicitors are on the appropriate lender panels. Assuming that they are the conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and communicate your expectations and needs.
I have just started marketing my ground floor apartment in Beadnell. Conveyancing lawyers have not yet been instructed, however I have just received a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is discharge the maintenance contribution as usual because all rents and maintenance charges will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Beadnell - A selection of Questions you should ask before buying
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It would be prudent to discover as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the upkeep of the communal areas. Ask prospective neighbours whether they are happy with them. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. How is the lease structured?