Is the fact that my conveyancer in Newbury is not on my bank's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Newbury conveyancing firm and enquire why they are no longer on the approved list for your bank.
I am purchasing a terraced house in Newbury. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Newbury you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Newbury.
I am assisting my sister sell her flat in Newbury. Will the solicitor order an energy assessment or should I organise this?
Following the abolition of Home Packs, EPC’s was retained a compulsory component of selling a property. An energy performance certificate must be commissioned before the property is marketed. This is not something that conveyancers normally arrange. If you are instructing a Newbury conveyancing practitioner they might be willing to arrange energy assessments due to their relationships with long established Newbury energy assessors
I am due to exchange contracts on my apartment. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Kent Reliance are being pedantic. The Newbury solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Newbury is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Newbury I like with amenity areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Newbury in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Newbury. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Newbury are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Newbury so you should seriously consider looking for a Newbury conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
I acquired a ground floor flat in Newbury, conveyancing was carried out July 1999. 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? Comparable properties in Newbury with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2099
With 75 years left to run the likely cost is going to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.