My wife and I are buying a newly constructed apartment in Swiss Cottage and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. I am under pressure to exchange and I would rather not prolong matters. is my lawyer playing by the book?
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 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.
How does conveyancing in Swiss Cottage differ for newly converted properties?
Most buyers of new build or newly converted property in Swiss Cottage approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Swiss Cottage 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 property lawyers 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 Swiss Cottage or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Swiss Cottage is where the house is located. What do you suggest?
Flying freeholds in Swiss Cottage are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Swiss Cottage you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Swiss Cottage may ascertain 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.
What does commercial conveyancing in Swiss Cottage cover?
Commercial conveyancing in Swiss Cottage covers a wide array of guidance, provided by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Are there any apps to help search for a Swiss Cottage conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 25miles to meet the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Swiss Cottage and you will see a number of lawyer located nearest Swiss Cottage. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.