My wife and I are buying a new build apartment in Maryland and my lawyer is telling me that she has to the bank to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank 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.
I purchased a freehold residence in Maryland but nevertheless pay rent, why is this and what is this?
It is rare for properties in Maryland and has limited impact for conveyancing in Maryland but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My bid for a property was accepted at auction in Maryland. Conveyancing is needed. What is next?
Given that you have now exchanged you should choose a conveyancing lawyer as a matter of urgency as you are facing a fast approaching a fixed date to complete the transaction. All auction property will have a corresponding auction set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You need to give this to the conveyancer instructed by you ASAP. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
This question may be naive but I am wet behind the ears as a first time buyer of a two bedroom flat in Maryland. Do I pick up the keys to the house on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Maryland?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
After much negotiation I have agreed a price on an apartment in Maryland. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. Not long after, the conveyancer contacted me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I got the keys to my house on 9 July and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Maryland expressed confidence that it should be registered inside ten days. Are transfers in Maryland uniquely lengthy to register?
As far as conveyancing in Maryland is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can adjust according to the party submitting the application, whether there are errors and if the Land registry must send notices to any interested parties. As of today in the region of 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive delays. Historically registration is effected once the purchaser has moved in to the property therefore 'speed' is not usually top priority but if it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
I am buying a new build flat in Maryland. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Maryland
-
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
What is the reason for new build conveyancing in Maryland being more expensive?
Conveyancing in Maryland for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental questions and contractual concerns.