My husband and I are purchasing a new build apartment in Drakes Cross and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to exchange contracts and my preference is not to prolong matters. is my lawyer playing by the book?

You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

How does conveyancing in Drakes Cross differ for newly converted properties?

Most buyers of new build or newly converted property in Drakes Cross approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Drakes Cross 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 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 Drakes Cross or who has acted in the same development.

I have been on the look out for a flat up to £245,000 and identified one close by in Drakes Cross I like with open areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Drakes Cross in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.

Completion is due on the disposal of our £125,000 garden flat in Drakes Cross in just under a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Drakes Cross?

For the majority of leasehold sales in Drakes Cross conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

Addressing pre-contract questions Where consent is required before sale in Drakes Cross Supplying insurance information Deeds of covenant upon sale Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Drakes Cross leasehold property is £350. For Drakes Cross conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

Drakes Cross Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

Best to be warned if a new roof is being installed or some other significant cost is due in the near future that will be shared by the leaseholders and will materially impact the level of the service fees or necessitate a one time invoice. Who takes responsibility for maintaining and repairing the building?

I have noted on a number of consumer advice websites that before selecting a conveyancing lawyer they need approved by your mortgage company. I am a FTB but I have an AIP via Virgin Money and I already have a bricks and morter conveyancing solicitor in Drakes Cross on standby. Can Halifax insist on an approved conveyancer to be selected? Does a list of approved solicitors even exist for my conveyancing in Drakes Cross?

You should instruct a solicitor that is on the Halifax panel. Just telephone your preferred Drakes Cross conveyancing solicitor to check if they are on the Halifax panel. If they are not on the panel you have a number of choices open to you here:

• Carry on with your existing Drakes Cross property lawyer but Halifax will no doubt retain a property lawyer from their approved list. This will result in additional cost together with likely frustration.
• Choose a fresh conveyancing practitioner to conduct the conveyancing, making sure they are on the Halifax conveyancing panel.
• Convince your conveyancer to seek to join the bank panel.