My wife and I are buying a new build flat in Pratt's Bottom and my solicitor is informing me that she has to the bank to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I would rather not delay deal. 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 mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do lawyers request money on account for my conveyancing in Pratt's Bottom?
Where you are retaining lawyers for conveyancing in Pratt's Bottom your solicitor will ask you to provide them with monies to cover the search fees. Normally this is needed to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this should be asked for immediately before contracts are exchanged. Any further balance that is due should be transferred a few days prior to the day of completion.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Pratt's Bottom. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 6/11/2024, the requirements read as follows :
I have a semi-detached Edwardian house in Pratt's Bottom. Conveyancing lawyer represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pratt's Bottom and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. Pratt's Bottom is where the house is located. Can you shed any light on this issue?
Flying freeholds in Pratt's Bottom are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pratt's Bottom you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pratt's Bottom may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.