About to place a bid on a leasehold flat in New Inn. The selling agents tell me that it is standard for flats in New Inn to have less than 75 years left on the lease. I am obtaining a loan with Bank of Ireland. Is this going to be acceptable if the lease has 70 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/7/2019 the requirements read as follows :
Are all New Inn Conveyancing Quality Solicitors on the Clydesdale conveyancing panel?
Some major banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I am expecting a DIP from Aldermore this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any New Inn solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint New Inn solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I recently had an offer accepted on an apartment in New Inn. My financial adviser suggested a conveyancing practitioner. I paid an advanced payment of £225. A few days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Kent Reliance 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 Kent Reliance 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.
Are there restrictive covenants that are commonly picked up during conveyancing in New Inn?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in New Inn. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What does commercial conveyancing in New Inn cover?
New Inn conveyancing for business premises incorporates a broad array of guidance, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, 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 mortgages and the termination of leases.
My wife and I have an offer in principle from The Mortgage Works who said we could borrow up to £400k. When do I need to appoint a lawyer for conveyancing? New Inn is where we are .
It would be wise to appoint a lawyer now and ask them to create a file on your behalf. This will facilitate: 1) the selling agent to send out the Sales Memorandum to the relevant parties 2) the seller’s solicitor to submit the draft contract. However, do not instruct your solicitor to start searches until you have your valuation report via The Mortgage Works and you are content to move forward.