We are purchasing a new build duplex in Dunholme and my lawyer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am on a tight deadline to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My house in Dunholme is up for sale and I have accepted an offer. Will my conveyancer have to be required to be on the Aldermore conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
The deeds to my home can not be found. The lawyers who handled the conveyancing in Dunholme 5 years ago have long since closed. What do I do?
Assuming you have a registered title the details of your proprietorship will be documented by HMLR with a Title Number. It is possible to perform a search at the Land Registry, identify your property and order current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will in most cases hold a certified copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
How does conveyancing in Dunholme differ for newly converted properties?
Most buyers of new build premises in Dunholme approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Dunholme usually purchase 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 used to new build conveyancing in Dunholme or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Dunholme ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will refuse to issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Dunholme. Conveyancing will be smoother if you use a solicitor in Dunholme especially if they are acquainted with such properties in Dunholme.