Find a Newbury Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Newbury? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Newbury conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Newbury

Is there a reason why leasehold purchase conveyancing in Newbury costs more?

Newbury leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

We are buying a flat in Newbury. I might seem paranoid but how we can trust a lawyer? On completion day we will need to send funds into their account. What is the protection we have from them run away with our deposit?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

is it true that all Newbury solicitor firms on the Yorkshire BS conveyancing panel are governed by the SRA?

As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel in which case such practice would be governed by the CLC.

I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Newbury solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?

Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Newbury postcode. As you are getting a mortgage with Coventry BS, you could contact them to see if they have a list of approved surveyors in Newbury.

Will my conveyancer be asking questions regarding flooding during the conveyancing in Newbury.

The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Newbury. There are those who purchase a property in Newbury, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or by their solicitors which should give them a better appreciation of the risks in Newbury. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover whether the property has suffered from flooding. In the event that the premises has been flooded in past and is not disclosed by the vendor, then a buyer could commence a legal claim for losses stemming from an misleading answer. A purchaser’s solicitors may also carry out an environmental report. This should higlight if there is any known flood risk. If so, additional investigations should be initiated.

I am a negotiator for a busy estate agent office in Newbury where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Newbury conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I am the registered owner of a garden flat in Newbury, conveyancing was carried out in 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Newbury with an extended lease are worth £170,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2101

With just 79 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

I have noted on numerous consumer advice websites that before choosing a conveyancing lawyer they need approved by your bank. This is my first home move but I have an AIP via Halifax and I already have a high street conveyancing solicitor in Newbury on standby. Will Virgin Money need an approved solicitor to be used? If so, where can I find that list so I can appoint a conveyancing solicitor in Newbury?

You need to choose a solicitor that is on the Virgin Money panel. The first thing to do is telephone your chosen Newbury conveyancing lawyer and ask if they are on the Virgin Money panel. If they are not approved you have numerous alternatives open to you here:

  • Proceed with your chosen Newbury lawyer but Virgin Money will undoubtedly appoint a solicitor from their approved panel. The net impact is additional fees together with potential interruption.
  • Appoint a new conveyancer to conduct the conveyancing, not forgetting to check that they are on the Virgin Money conveyancing panel.
  • Convince your conveyancer to do everything possible to get accepted on the Virgin Money conveyancing panel.

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