My husband and I are acquiring a new build flat in Cowbridge and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the developer. I am under pressure to exchange 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 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.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to instruct a high street conveyancing solicitor in Cowbridge?
You should check but the chances are that allocate you one of their panel lawyers if you take up the "fee-free" offer. Call the mortgage company to determine if they make available a cash alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Cowbridge.
Various online forums that I have frequented warn that are the primary cause of hinderance in Cowbridge conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Cowbridge.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cowbridge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cowbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Cowbridge differ for newly converted properties?
Most buyers of new build or newly converted property in Cowbridge contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Cowbridge typically purchase the land, 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 Cowbridge or who has acted in the same development.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Cowbridge and how can your lawyers assist?
The 1954 Act provides a safeguard to business leaseholders, giving them the dueness to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Cowbridge