My partner and I are acquiring a new build flat in Markfield and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and I don't want to delay the conveyancing. 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Markfield? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you are unwilling to supply ID verification documents, your conveyancer will not be able to take you on as a client.
I decided to have a survey done on a house in Markfield in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks tend refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Markfield. Conveyancing will be smoother if you use a solicitor in Markfield especially if they are acquainted with such properties in Markfield.
I have been advised by a few property agents in Markfield to get a quote from a solicitor using your seach tool. Is there a financial upside for Estate Agents to market your site rather than alternative conveyancing organisations?
We don’t make any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because 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.
My step-father has encouraged me to use his lawyers for conveyancing in Markfield. Should I choose my own property lawyer?
There are no two ways about it the best way to find a conveyancing practitioner is to get referrals from friends or relatives who have actually experience in using the conveyancer that you are considering.
Having checked my lease I have discovered that there are only Seventy years left on my lease in Markfield. I now want to extend my lease but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have used your best endeavours to locate the lessor. On the whole a specialist should be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Markfield.
Markfield Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
-
Are there any major works in the near future that will increase the service costs? The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders have control and even though a managing agent is usually retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders.