My husband and I are buying a newly built flat in Horsham and my lawyer is advising me that she is duty bound to the bank to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to prolong matters. 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 bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the Horsham conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Horsham conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Horsham.
Flooding is a growing risk for conveyancers conducting conveyancing in Horsham. Some people will buy a property in Horsham, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Horsham. The conventional set of property information forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to determine whether the property has suffered from flooding. If the premises has been flooded in past and is not revealed by the owner, then a purchaser could commence a legal claim for losses as a result of such an misleading answer. The purchaser’s conveyancers may also commission an environmental search. This should indicate whether there is any known flood risk. If so, more detailed inquiries should be carried out.
I am buying a new build apartment in Horsham. Conveyancing is a frightening process 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 conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Horsham
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Horsham I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Horsham in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I have been advised by a few property agents in Horsham to select a property lawyer on your site. Is there a financial advantage for Estate Agents to market your site over and above a competitor’s?
We don’t make any commission for directing people in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.