My partner and I are buying a newly constructed apartment in Beckton and my conveyancer is informing me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender 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.
How does conveyancing in Beckton differ for new build properties?
Most buyers of new build residence in Beckton approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Beckton tend to buy 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 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 Beckton or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Beckton ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will not issue a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Beckton. Conveyancing will be smoother if you use a solicitor in Beckton especially if they are familiar with such properties in Beckton.
I was pointed in your direction by numerous estate agents in Beckton to find a property lawyer on your site. Is there a financial inducement for Estate Agents to market your site rather than another?
We don’t make any commission for directing people to this site. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
In scouring the web for the phrase conveyancing in Beckton it shows results of many conveyancersin the area. How do I determine which is the right solicitor for purchase transaction?
The best way of seeking the right conveyancer is via trusted testimonial, so seek the guidance of friends and family who have bought a property in Beckton or the respected estate agent or mortgage broker. Costs for conveyancing in Beckton vary, so it's sensible to secure a minimum of three estimates from varying types of property lawyers. Dont forget to clarify that the fees are fixed.
There are numerous properties in Beckton on unadopted lanes. My partner and I are buying one such property. What are the pros and cons of buying a house on a privately owned road?
Beckton conveyancing practices are used to conveyancing houseson unadopted roads. The property lawyer should review the title to find any rights or responsibilities. In many cases there is a management company (wholly owned by residents) that owners pay into for the upkeep of the road. Where one exists, the road will likely be maintained and appear better than publicly adopted.