My husband and I are purchasing a newly constructed flat in Ham and my solicitor is advising me that she has to the mortgage company to reveal incentives from the seller. I am under pressure to exchange and I don't want to prolong the conveyancing. 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 specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
This question may be naive but I am unexperienced as FTB of a ground floor flat in Ham. Do I pick up the keys to the premises on completion from my solicitor? If this is the case, I will find a local conveyancing solicitor in Ham?
On the day of completion you do not need to attend the conveyancers office in Ham. Your solicitors will transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be called to collect the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
When it comes to mortgage companies such as Kent Reliance, do Ham property lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We previously appointed solicitors with offices in Ham on the Nottingham solicitor panel. They are now charging me a further amount for handling the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer may levy a fee for this. The fee is not set by Nottingham but by your Ham conveyancing practitioner. Some firms on the Nottingham panel will charge an ‘acting for lender’ fee and others do not.
About to purchase a new build flat in Ham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ham
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Ham I like with open areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Ham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Am I right to be wary that brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a local Ham conveyancing company?
As with lots of service providers, often suggestions from connections can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, mortgage brokers and banks may suggest lawyers to select. Sometimes the solicitors might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that many mortgage providers specify a panel list of lawyers you must use for the mortgage related work in your house move.
I am using a search engine for the words on line conveyancing in Ham it reveals many property lawyersin the vicinity. How do I determine which is the suitable conveyancer for purchase transaction?
The preferential way of finding a suitable conveyancer is via trusted recommendation, so enquire of colleagues and family who have acquired a property in Ham or the local estate agent or financial adviser. Charges for conveyancing in Ham differ, so it's a good idea to secure a minimum of three quotes from different conveyancers. Dont forget to clarify that the charges are guaranteed not to to be inflated.