My husband and I are purchasing a new build duplex in Caerphilly and my solicitor is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. 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.
It is is a decade since I acquired my house in Caerphilly. Conveyancing lawyers have now been instructed on the sale but I am unable to track down my title documents. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with your mortgage company or they could be in the possession of the conveyancers who handled the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Caerphilly relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Caerphilly?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Caerphilly. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Caerphilly differ for new build properties?
Most buyers of new build property in Caerphilly come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Caerphilly typically 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 accustomed to new build conveyancing in Caerphilly or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Caerphilly I like with a park and railway links nearby, the downside is that it's only got 61 years on the lease. There is not much else in Caerphilly for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.