We are acquiring a new build duplex in Leatherhead and my solicitor is telling me that she has to the mortgage company to reveal incentives from the developer. I am on a tight deadline to exchange 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 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.
When will exchange of contracts take place for domestic conveyancing in Leatherhead and am I required to be at the solicitors branch?
Where you are local to our conveyancing solicitors in Leatherhead you are welcome to come in to sign contracts. That being said, the firms we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the critical part. A signed contract is just a prerequisite for the conveyancer to officially exchange at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Leatherhead)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Leatherhead differ for new build properties?
Most buyers of new build property in Leatherhead contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Leatherhead tend to buy 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 Leatherhead or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Leatherhead is where the house is located. Is there any advice you can give?
Flying freeholds in Leatherhead are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leatherhead you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leatherhead may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I own a leasehold house in Leatherhead. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Leatherhead who acted for me is not around. Do I pay?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Leatherhead conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a basement flat in Leatherhead, conveyancing was carried out in 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Leatherhead with an extended lease are worth £186,000. The ground rent is £55 yearly. The lease finishes on 21st October 2079
You have 53 years left to run the likely cost is going to be between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
My partner and I have today had an offer accepted on our 1st home in Leatherhead, and are now looking to get solicitors lined up. I have used the various rating based websites and the quotes are from all over the the UK. Is it important to have a Leatherhead conveyancing practitioner local to the potential new home? I am content to do all the communicating over the web, but I am thinking at some stage we may be required to physically go into the property lawyer's office to sign documents?
Generally there is no need to attend the office of your lawyer, they can post any relevant documents to you, which you can sign and return. Many buyers and sellers choose to use a locally based solicitor, but it's by no means essential for conveyancing in Leatherhead.