My wife and I are hoping to purchase a property in Newbury and are in fact using a Newbury conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Chelsea Building Society have this afternoon contacted us to advise us that there is now an issue as our Newbury conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Newbury lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Can the conveyancing practitioners listed on your site conduct right to buy conveyancing in Newbury?
We work with numerous conveyancing firms carrying out right to buy conveyancing Please call the solicitors listed in order to secure a conveyancing quote.
About to purchase a new build flat in Newbury. 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 conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Newbury
There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Due to exchange soon on a studio apartment in Newbury. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newbury should include some of the following:
Whether the lease restricts you from subletting the property, or having a home office for business You would want to be sent a copy of the lease Are pets allowed in the flat? The total ownership of the demise. This could be the property itself but might incorporate a loft or storage are if relevant. Where does the liability rest to repair and maintain the building. It is important for you to know who is liable for the repair and maintenance of all parts of the block and estate
I bought a ground floor flat in Newbury, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Newbury with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2076
With just 56 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
Why am I unable to complete our conveyancing in Newbury on May bank holiday?
Because on completion the money needs to be transferred electronically between the banks of the buyer and owner’s lawyer and at present this can only happen on a working day. So you can't complete on a weekend either.