My husband and I are purchasing a newly constructed flat in Suffolk and my lawyer is informing me that she is duty bound to the lender to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I would rather not 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 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.
As someone not used to the Suffolk conveyancing process what’s your top tip you can impart concerning the ownership transfer in Suffolk
You may not hear this from too many lawyers but conveyancing in Suffolk or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there exists lots of room for friction between you and others involved in the legal transfer of property. For instance, the seller, selling agent and sometimes the mortgage company. Selecting a law firm for your conveyancing in Suffolk an important selection as your conveyancer is your adviser, and is the ONE person in the process whose role it is to protect your legal interests and to protect you.
Sometimes a third party with a vested interest will attempt to convince you that it is in your interests to do things their way. As an example, the selling agent may claim to be assisting by suggesting your solicitor is slow. Or your mortgage broker may tell you to do take action that is against your conveyancers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
I am buying a right to buy a flat in Suffolk. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Suffolk you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Suffolk.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Suffolk I like with open areas and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Suffolk suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Do I need to be wary by estate agents that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Suffolk conveyancing company?
As with many professional services, often suggestions from relatives can be most helpful. But there are numerous parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to select. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the right to appoint your preferred lawyer. You need to be aware that some lenders specify a panel list of lawyers you are obliged to use for the mortgage aspect of your home move.
Should I cancel my mortgage payments with Barclays as soon as a completion date for my sale in Suffolk has been agreed?
No, you must maintain paying any mortgage sums to Barclays until the mortgage is redeemed on completion as part of your Suffolk conveyancing.