We are acquiring a newly constructed apartment in Seaton Delaval and my lawyer is telling me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The Seaton Delaval conveyancing firm that I appointed last week on my purchase in Seaton Delaval have without warning closed. I only went with them because I had to have a lawyer on the Bank of Ireland conveyancing panel and my family Seaton Delaval lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Just had an offer accepted on a new build apartment in Seaton Delaval. 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 legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Seaton Delaval
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan.
I opted to have a survey done on a property in Seaton Delaval prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks tend not grant a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Seaton Delaval. Conveyancing will be smoother if you use a solicitor in Seaton Delaval especially if they regularly deal with such properties in Seaton Delaval.
How do I locate a Seaton Delaval law firm on the Birmingham Midshires conveyancing panel? I have a car and am willing to travel upto 10kilometers to meet the conveyancer.
You can use the tool on this page. Please choose the mortgage company and your location and you will see a number of Seaton Delaval conveyancing lawyers located nearest you. We have listed some Seaton Delaval conveyancing firms towards the end of this page and you can telephone them to verify if they are on the Birmingham Midshires panel
Can you provide any top tips for leasehold conveyancing in Seaton Delaval from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Seaton Delaval can be avoided where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers’ solicitors. A minority of Seaton Delaval leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a replacement share certificate is often a time consuming formality and slows down many a Seaton Delaval home move. If a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
Seaton Delaval Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this scenario the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the ground rent and service charge?