My husband and I are acquiring a newly built flat in Totton and my conveyancer is advising me that she has to the bank to reveal incentives from the developer. I am on a tight deadline to sign contracts and I would rather not prolong deal. 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 mortgage company 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.
Why do I have to pay up front when it comes to conveyancing in Totton?
If you are buying a property in Totton your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this will be needed immediately before contracts are exchanged. Any further balance that is due should be transferred a couple of days prior to the day of completion.
I require quick conveyancing in Totton as I have pressure to complete within 2 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you are at free not to have searches carried out although no solicitor would advise that you don't. With plenty of history conveyancing in Totton the following are examples of what can appear and adversely impact future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Road Schemes,...
My wife and I have a semi-detached Edwardian house in Totton. Conveyancing practitioner acted for me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Totton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing lawyer who conducted the work.
I only have Seventy years unexpired on my lease in Totton. I now want to get lease extension but my freeholder is missing. What options are available to me?
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 an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have done all that could be expected to find the lessor. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Totton.
Leasehold Conveyancing in Totton - Examples of Queries Prior to buying
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What restrictions are there in the Totton Lease? Is anyone aware of any major works in the planning that will add a premium to the service costs? Most Totton leasehold apartments will have a service charge for the upkeep of the block set on behalf of the freeholder. Where you buy the property you will have to meet this charge, normally in instalments accross the year. This can be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge to be met annual, ordinarily this is not a significant amount, say around £50-£100 but you need to enquire as on occasion it can be surprisingly expensive.
My conveyancer in Totton is asking me for identification documents asserting that this is part of his obligations as a solicitor on the bank Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not unique to conveyancing in Totton