Is there a search tool that I can utilise to discover of the solicitor conducting my conveyancing in Newent is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Birmingham Midshires thus spending £192.00 in additional legal fees.
Please do take advantage of the search tool on this site. Pick the lender and type ‘Newent’ or your preferred area and you will be presented with a number of lawyer located in Newent or by proximity to you.
Will our conveyancer be raising enquiries about flooding during the conveyancing in Newent.
Flooding is a growing risk for conveyancers carrying out conveyancing in Newent. Some people will buy a property in Newent, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that can be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Newent. The conventional set of information sent to a buyer’s solicitor (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 notified by the owner, then a buyer could bring a compensation claim stemming from an inaccurate response. The purchaser’s conveyancers may also commission an environmental report. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries should be conducted.
What does commercial conveyancing in Newent cover?
Non domestic conveyancing in Newent incorporates a wide array of guidance, given by regulated solicitors, relating to business property. 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.
I work for a reputable estate agent office in Newent where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Newent conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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 buyer.
I own a ground floor flat in Newent, conveyancing having been completed 7 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 Newent with a long lease are worth £171,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2100
With 79 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should 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.
After what feels like an age I have had an offer on an flat in Newent accepted, but there is a chain. The current proprietors have offered on a property, although it’s not yet tied up, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Newent. What do I do now? At what point should I apply for the mortgage with Leeds Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then valuation, Newent conveyancing search costs, etc). First, you should ensure that your lawyer is on the Leeds Building Society approved list. Concerning the next steps this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. In a hot market many home buyers would apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they ask their lawyer to press on with searches.