My husband and I are acquiring a newly built flat in Whalley and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the developer. The Estate Agents are hassling me to exchange contracts and I don't want 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 lender 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.
We wanted to use a conveyancing solicitor in Whalley for our house move. Our financial adviser informed us that our mortgage company Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Whalley conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms about their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of conveyancing. Many Whalley conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Whalley is amongst the numerous areas where the conveyancers we recommend are on the panel for Lloyds TSB Bank.
How does conveyancing in Whalley differ for new build properties?
Most buyers of new build or newly converted property in Whalley approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because builders in Whalley tend to acquire the real estate, 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 Whalley or who has acted in the same development.
I'm converting the mortgage on my current house to a BTL mortgage with Accord Mortgages Ltd and intend to use the remaining equity towards further house. The neighborhood we are talking about is Whalley. Will your conveyancers be able to act for both sets of mortgage companies and link together the two deals?
Make use of our search tool on this page to ensure that the solicitors are on the appropriate lender panels. Having checked that they are the solicitor will be able to simultaneously deal with the two transactions but you should talk with you conveyancer and specify your expectations and needs.
Should I appoint a Whalley conveyancing solicitor in close proximity to the house I am buying? An old friend can handle the legal formalities but they are based 400kilometers away.
The benefit of a high street Whalley conveyancing practice is that you can pop in to execute documents, hand in your identification documents and pester them where appropriate. Having local Whalley know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that must surpass using an unfamiliar Whalley conveyancing solicitor solely due to them being based in the area.
I am a negotiator for a reputable estate agent office in Whalley where we see a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Whalley conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Whalley Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
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Is anyone aware of any major works in the planning that could add a premium to the maintenance fees? How much is the ground rent and service charge? What restrictions are there in the Whalley Lease?