We are purchasing a newly built apartment in Towyn and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong the conveyancing. 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 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.
Our bank has recommended solicitors on their panel based in Towyn but I would rather use a conveyancing lawyer in Towyn or nearer to where I live. Are you able to assist?
The minority of Towyn conveyancing solicitors are approved and listed on all banks conveyancing panel. Do make use of the above search tool to find a Towyn conveyancing firm on the on the mortgage company panel.
Various online forums that I have frequented warn that are the primary cause of hinderance in Towyn house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Towyn.
How does conveyancing in Towyn differ for new build properties?
Most buyers of new build property in Towyn contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Towyn typically purchase the land, 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 conveyancers 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 Towyn or who has acted in the same development.
I opted to have a survey done on a house in Towyn in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks tend not give a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Towyn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Towyn to see if the conveyancing will be more expensive.
Is it best to appoint a Towyn conveyancing solicitor based in the vicinity that I am buying? An old friend can carry out the conveyancing but his firm is located approximately 350miles drive away.
The primary upside of using a local Towyn conveyancing practice is that you can pop in to sign documents, present your ID and pester them if necessary. Having local Towyn know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were happy that must trump using an unknown Towyn conveyancing solicitor solely due to them being round the corner.