We are buying a newly built apartment in Garston and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am under pressure to sign contracts 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 lender 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.
Can you explain why leasehold purchase conveyancing in Garston costs more?
The conveyancing fees on a leasehold property in Garston is inevitably higher than on a freehold acquisition or disposal. This is because there is an amount of extra time required in communicating with the landlord and managing agents to collate the evidence about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Garston?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Garston. 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 Garston differ for newly converted properties?
Most buyers of new build residence in Garston come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Garston usually acquire 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 accustomed to new build conveyancing in Garston or who has acted in the same development.
I opted to have a survey done on a house in Garston prior to retaining solicitors. I have been told that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend not grant a mortgage on this type of home.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you e-mail us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Garston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Garston to see if the conveyancing will be more expensive.
Are there any apps to help identify a Garston solicitor on the Norwich and Peterborough Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 10miles to meet the conveyancer.
You can use the tool on this page. Please select a bank and your location and you will see a number of Garston conveyancing lawyers locally. We have detailed some Garston conveyancing firms towards the end of this page and you can ring them to see if they are on the Norwich and Peterborough Building Society approved list