My partner and I are acquiring a newly built apartment in Herne Bay and my conveyancer is telling me that she has to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. 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're in Herne Bay, First time buyers buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Should our lawyer be raising questions about flooding during the conveyancing in Herne Bay.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Herne Bay. There are those who acquire a house in Herne Bay, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that may be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Herne Bay. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer could bring a legal claim for losses as a result of such an misleading answer. A purchaser’s conveyancers may also commission an enviro search. This will reveal if there is a recorded flood risk. If so, further investigations will need to be initiated.
three months have elapsed since my purchase conveyancing in Herne Bay concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Herne Bay differ for new build properties?
Most buyers of new build premises in Herne Bay approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Herne Bay usually buy the site, 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 property lawyers 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 Herne Bay or who has acted in the same development.
I have just started marketing my 2 bed apartment in Herne Bay. Conveyancing is yet to be initiated, but I have just had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual as all ground rent and maintenance charges should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a basement flat in Herne Bay, conveyancing was carried out in 2008. How much will my lease extension cost? Corresponding flats in Herne Bay with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.