My partner and I are buying a new build duplex in Tolworth and my conveyancer is informing me that she has to the lender to reveal incentives from the developer. I am under pressure to exchange and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been told that property searches are the number one cause of delay in Tolworth conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Tolworth.
It has been three months following my purchase conveyancing in Tolworth took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Tolworth differ for newly converted properties?
Most buyers of new build property in Tolworth contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Tolworth tend to buy 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 used to new build conveyancing in Tolworth or who has acted in the same development.
I opted to have a survey carried out on a house in Tolworth before appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not give a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tolworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tolworth to see if the conveyancing will be more expensive.
In my capacity as executor for the estate of my aunt I am disposing of a house in Swansea but reside in Tolworth. My conveyancer (based 260 miles awayhas requested that I execute a stat dec prior to completion. Can you recommend a conveyancing lawyer in Tolworth who can witness this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are located in Tolworth