We are purchasing a newly built duplex in Corby and my lawyer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I would rather not prolong 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Corby? Is this really warranted?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign should reaffirm this. Your lender will also require certain documents to be checked. Where you refuse to hand over ID verification documents, your solicitor would not be able to accept instructions from you.
My uncle passed away six months ago and as sole heir and executor I was left the house in Corby. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this possible?
Given you intend to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
We are selling our property in Corby and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Corby conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed an internet conveyancing firm as opposed to a conveyancing solicitor in Corby. We have lived in Corby for 5 years we know that this is a non issue. Should we get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing firm already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Can you provide any advice for leasehold conveyancing in Corby with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Corby can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers. Many freeholders or Management Companies in Corby charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Corby. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a re-issued share certificate can be a lengthy formality and slows down many a Corby home move. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. A minority of Corby leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Corby Leasehold Conveyancing - A selection of Queries before buying
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How many years remain on the lease? Who takes responsibility for maintaining and repairing the building? You should want to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily issues such as the upkeep of the communal areas. Enquire of other tenants if they are happy with them. On a final note, be sure you understand the dates that the maintenance charges are due to the managing agents and precisely how they are spending that money.
Me and my husband are disposing of a Corby house left to us 8 years ago in 2009. I have over ten years conveyancing experience and, although retired, wish to do my own conveyancing. The purchaser's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be sent to a solicitor's bank account.
Lending requirements to solicitors from all mainstream lenders state that If the vendor is not legally represented the purchaser’s lawyers should check whether the lender needs to be told so that a decision can be made as to whether they are prepared to progress.