We are purchasing a newly constructed apartment in Cromer and my solicitor is informing me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I have no desire to prolong deal. is my lawyer playing by the book?
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.
How up to date is your search tool for Cromer conveyancing solicitors on the Clydesdale conveyancing panel? Do Clydesdale send you an updated list?
Cromer conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
My lawyer in Cromer has never been on on the Alliance & Leicester Solicitor Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Alliance & Leicester list of approved lawyers?
The limited options available to you here include:
- Carry on with your preferred Cromer lawyers but Alliance & Leicester will need to instruct a lawyer on their panel. This will inevitably rack up the overall conveyancing charges and cause delays.
- Get an alternative practitioner to act in the purchase, obviously checking they are on the Alliance & Leicester panel
I am close to exchanging contracts on the sale of our home in Cromer and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Cromer conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a factory type conveyancing firm rather than a conveyancing solicitor in Cromer. Having lived in Cromer for three years we know of no issue. Should we get in touch with our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to enquire of 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 health insurance to cover that same illness)
I am looking for a flat up to £305k and identified one round the corner in Cromer I like with amenity areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Cromer for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
In relation to leasehold conveyancing in Cromer what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Cromer. All leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Cromer - A selection of Queries before buying
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Who is in charge of the building? Is the freehold owned jointly by the leaseholders? The answer will be helpful as a) areas may result in problems in the building as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure