My partner and I are purchasing a newly built apartment in Broadway and my solicitor is informing me that she has to the lender to reveal incentives from the builder. I am under pressure to exchange and I don't want to prolong deal. 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.
My wife and I are buying a house in Broadway. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Please help - my lawyer says that flying freehold insurance is necessary on my purchase. What is the level of cover for Broadway conveyancing?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I am selling my flat. I had a double glazing fitted in January 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being pedantic. The Broadway solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial land in Broadway?
Its becoming the norm that commercial conveyancing solicitors in Broadway will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Broadway. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Broadway.
For every commercial conveyancing transaction in Broadway it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Broadway commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Broadway.
Due to the encouragement of my in-laws I had a survey completed on a property in Broadway before instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Broadway. Conveyancing will be smoother if you use a solicitor in Broadway especially if they are familiar with such properties in Broadway.
We're first time buyers - agreed a price, but the property agent told us that the seller will only proceed if we instruct their preferred conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor used to conveyancing in Broadway
It is improbable the owners are driving this. Should the owner desire ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Contact the sellers directly and make the point that (a)you are motivated buyers (b)you are ready to go, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Broadway conveyancing lawyers - not the ones that will provide their negotiator at the agency a introducer fee or achieve conveyancing targets pre-set by senior management.
I want to rent out my leasehold apartment in Broadway. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Broadway conveyancing solicitor is no longer available you can check your lease to see if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.
Broadway Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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Is anyone aware of any major works in the near future that will likely increase the maintenance fees? Plenty Broadway leasehold flats will have a service charge for maintenance of the building invoiced by the freeholder. Where you purchase the apartment you will have to meet this charge, usually quarterly accross the year. This can vary from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met yearly, normally this is not a exorbitant sum, say around £50-£100 but you need to check it because on occasion it could be prohibitively expensive. How much is the service charge and ground rent on the property?