My wife and I are acquiring a brand new apartment in Redcar and my conveyancer is advising me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
Me and my brother own a 4 bedroom Georgian property in Redcar. Conveyancing lawyer acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review 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 Redcar and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing practitioner who completed the work.
I am looking for a leasehold apartment up to £245,000 and found one round the corner in Redcar I like with a park and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Redcar suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Am I right to be wary that brokers that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Redcar conveyancing company?
As is the case with many professional services, often referrals from relatives can be extremely useful or valuable. Yet there are many players in a conveyancing matter; estate agents, financial adviser and lenders might all recommend conveyancers to choose. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the right to select your preferred lawyer. However, bear in mind that most banks specify a panel list of lawyers you have to use for the lender related work in your house move.
In surfing the world wide web for the words conveyancing in Redcar it reveals many property lawyersin the area. With so much choice what is the best way to find the suitable property lawyer for me?
The best method of seeking a suitable conveyancer is via trusted testimonial, so enquire of friends and family who have bought a property in Redcar or the respected estate agent or mortgage broker. Charges for conveyancing in Redcar vary, so it's advisable to request at least three quotes from different conveyancers. Dont forget to clarify that the charges are assured not to increase.