My wife and I are acquiring a newly built duplex in Dunston and my lawyer is advising me that she has to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange and I would rather not delay matters. 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 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 see that you have a search directory listing firms on the Leeds Building Society conveyancing panel. Do companies pay you a referral fee if I appoint them for our own conveyancing in Dunston?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Dunston.
What is the difference between a licensed conveyancer and conveyancing solicitor in Dunston
There are two types of lawyers who can do conveyancing in Dunston namely licenced conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the disposal or purchase of property. Both are required to carry out Dunston conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally administered and that all necessary procedures should be accurately followed.
I'm the only recipient of my late grandmother’s will and I have everything in my name now, including the house in Dunston. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I do know about the CML 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in November. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some mortgage companies would take a sensible view as this obligation chiefly exists to pick up on subsales or the wholesaling and assigning of property.
My offer was accepted on a house in Dunston on 5/11/2024, valuation was booked 2 days later, all came back fine. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Are UBS entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should my solicitor be making enquiries concerning flooding during the conveyancing in Dunston.
Flooding is a growing risk for solicitors carrying out conveyancing in Dunston. There are those who purchase a house in Dunston, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that may be undertaken by the purchaser or by their lawyers which can figure out the risks in Dunston. The conventional set of information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to find out if the premises has suffered from flooding. If the residence has been flooded in past which is not notified by the owner, then a buyer could issue a legal claim for losses as a result of such an incorrect response. The buyer’s conveyancers will also carry out an environmental search. This should higlight if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
How does conveyancing in Dunston differ for new build properties?
Most buyers of new build residence in Dunston approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Dunston usually buy 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 used to new build conveyancing in Dunston or who has acted in the same development.