My partner and I are purchasing a brand new duplex in Parkstone and my lawyer is advising me that she has to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
Is there a reason why leasehold purchase conveyancing in Parkstone is more expensive?
The conveyancing costs on a leasehold premises in Parkstone is inevitably greater than on a freehold property. This is because there is an amount of supplemental work necessary in liaising with the freeholder and management company to obtain evidence about whether the rent and maintenance charges have been paid and whether there are any major works due in the near future on repairs or maintenance of the block.
We previously chose conveyancing lawyers based in Parkstone on the Coventry BS solicitor approved list. They have just invoiced me a supplemental sum for the legal aspects of the Coventry BS mortgage. Is this an additional conveyancing fee set by Coventry BS?
Provided it is contained in their Terms of Engagement or estimate then yes your property lawyer is entitled to levy a fee for this. This charge is not dictated by Coventry BS but by your Parkstone property lawyer. Plenty of firms on the Coventry BS panel will quote ’dealing with mortgage’ fee and others do not.
My partner and I have organised a further advance on our home loan from Lloyds as we intend to conduct alterations to our house in Parkstone. Do we need to appoint a local Parkstone solicitor on the Lloyds conveyancing panel to handle the paperwork?
Lloyds don't usually instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Parkstone building society branch on a couple of occasions and was told it wasn't a problem and they would lend. My Parkstone conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their published requirements. Who do I believe?
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What will a local search inform me regarding the property I am buying in Parkstone?
Parkstone conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Onsearch The local search plays an important role in most Parkstone conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Parkstone is the location of the property. Can you offer any opinion?
Flying freeholds in Parkstone are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Parkstone you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Parkstone 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 premises.