We are acquiring a newly constructed duplex in Heath and my conveyancer is advising me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
We see that you have a search directory identifying law firms on the Leeds Building Society conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Heath?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Heath.
I opted to have a survey done on a house in Heath in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks will refuse to grant a loan on such a house.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Heath. Conveyancing may be slightly more expensive based on your lender's requirements.
How difficult is it to switch conveyancer as I need to select a firm on the Clydesdale conveyancing panel. I was using a family conveyancing solicitor in Heath five minutes from me but he is not accepted by Clydesdale
We will our best to assist in finding you a conveyancing solicitor in Heath on the Clydesdale panel. Please note that the property lawyers that we work with do not pay us fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Heath. In making use of search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Heath.
I work for a reputable estate agency in Heath where we have witnessed a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Heath conveyancing solicitors. Can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Heath Leasehold Conveyancing - Sample of Questions you should ask before buying
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How much is the service charge and ground rent on the flat? Is anyone aware of any major works on the horizon that will likely increase the maintenance charges?
My partner and I have had DIP from HSBC Bank who have advised that they will loan up to £350k. When do I need to instruct a lawyer for conveyancing? Heath is where we plan to move to.
It would be wise to instruct a conveyancer now so that the property lawyer can open the ledger so they can do their ID checks etc. If and when you wish them to commence work you will be asked for a deposit normally approximately £175. That would generally be after you have the loan offer from your lender and survey back, however should you want to speed the process you can get going quicker albeit risking some money.