My partner and I are purchasing a newly constructed duplex in Exminster and my solicitor is advising me that she has to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various web forums that I have come across warn that are the main reason for stalling in Exminster conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Exminster.
I completed on my house on 10 April and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Exminster expressed confidence that it should be concluded inside ten days. Are titles in Exminster uniquely lengthy to register?
There is nothing unique about conveyancing in Exminster registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. Currently approximately 80% of such applications are fully addressed within two weeks but some can be subject to longer delays. Registration takes place after the buyer has moved in to the premises thus an expedited registration is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Exminster differ for newly converted properties?
Most buyers of new build or newly converted property in Exminster approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Exminster usually 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 conveyancing solicitors 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 Exminster or who has acted in the same development.
I was recommended by a number of estate agents in Exminster to get a quote from a conveyancer on your site. Is there a financial inducement for Estate Agents to promote your lawyers rather than another?
We don’t make any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I have noted on numerous online forums that when selecting a conveyancing firm they must be approved by your mortgage company. This is my first home move but I have an offer in principle via HSBC and I already have a local conveyancing solicitor in Exminster in place. Can Santander insist on an approved solicitor to be instructed? Does a list of panel solicitors even exist for my conveyancing in Exminster?
You need to instruct a solicitor that is on the Santander panel. Simply telephone your chosen Exminster conveyancing lawyer to check if they are on the Santander panel. If they are not approved you have a number of choices open to you here:
- Complete the purchase with your preferred Exminster solicitor but Santander will need to appoint a property lawyer from their approved panel. The net impact is additional cost together with probable frustration.
- Get a new conveyancer to act in the purchase, not forgetting to check that they are on the Santander conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the bank panel.