My wife and I are acquiring a brand new apartment in Blaenavon and my solicitor is advising me that she has to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and I have no desire 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 lender 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.
Can you explain why leasehold purchase conveyancing in Blaenavon costs more?
Blaenavon leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
What happens if my solicitor is suspended from the Santander Conveyancing panel ahead of completing my conveyancing in Blaenavon?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Blaenavon differ for new build properties?
Most buyers of new build premises in Blaenavon contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Blaenavon typically buy 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 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 Blaenavon or who has acted in the same development.
I need to retain a conveyancing solicitor for some conveyancing in Blaenavon. I've land on a site which appears to be the ideal solution If there is a chance to get all the legals done via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to appointing a Blaenavon conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Blaenavon conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Blaenavon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Blaenavon who can give a testimonial?
Blaenavon Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Please inform me if there are any major works in the near future that could increase the maintenance fees? How long is the Lease? Best to be warned whether redecorating or some other significant cost is pending to be shared between the tenants and will materially impact the level of the maintenance costs or result in a specific invoice.