My husband and I are buying a new build flat in Thornton and my lawyer is informing me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. 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.
When does exchange of contracts occur in residential conveyancing in Thornton and do I need to attend the lawyers office?
If you are in close proximity to our conveyancing solicitors in Thornton you are welcome to attend to sign contracts. That being said, the lender approved solicitors we recommend supply a national conveyancing service and give just as detailed and professional a job for you when dealing with you digitally. The signing of the sale agreement is not the important part. Signing on the dotted line is necessary for the conveyancer to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Thornton)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Thornton differ for new build properties?
Most buyers of new build residence in Thornton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Thornton typically acquire the site, 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 property lawyers 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 Thornton or who has acted in the same development.
My step-father has urged me to appoint his conveyancing solicitors in Thornton. Should I use them?
No doubt it’s preferable to select a conveyancing solicitor is to have referrals from friends or relatives who have actually experience in using the conveyancer that you are are thinking of instructing.
I've recently bought a leasehold flat in Thornton. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Thornton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Are any of leasehold owners in arrears of their service charge payments? Be sure to find out if the the lease includes any adverse restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Thornton. If you like the apartmentin Thornton but your cat can’t move with you then you will be faced difficult choice. The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
My parents cant seem to find their Thornton property on the HMLR site. They have a vague memory back in the 70’s when they acquired the bungalow there were complications with Thornton not being identified on some systems.
The vast majority of premises in Thornton should appear. Have you tried a search with simply the postcode. Ordinarily it should mention all the houses and flats within that postcode. Where recorded it will show up with a title number. If they bought 48 years ago it's conceivable it may be unrecorded. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title papers which might be with your parent’s mortgage company.