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

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Recently asked questions about conveyancing in Newmarket

The owners of the home we are hoping to buy hired a conveyancing firm in Newmarket who has insisted on a exclusivity agreement with a down payment two thousand pounds. Are such arrangements promoted for Newmarket conveyancing transactions?

This kind of contract is not the norm in Newmarket, conveyancers will often direct clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has entered into an exclusivity contract they will complete the sale with you. They may be tempted to break the agreement if they are offered a big enough financial inducement to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and this may not amount to the extra amount that your seller may gain by breaching the agreement, however morally reprehensible that may be.

In what way does my ID and proof of funds have anything to do with my conveyancing in Newmarket? What am I being asked for?

It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Newmarket. However these days you can not complete any conveyancing transaction without first handing over proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper section and photo card part, one is not acceptable in the absence of the other.

Verification of your source of money is mandated in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer must have this information on file. Your Newmarket conveyancing solicitor will require evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask further queries concerning the source of funds.

Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Newmarket is where the house is located. Is there any guidance you can give?

Flying freeholds in Newmarket are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newmarket you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newmarket may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

My company is planning to take an assignment of a lease of a shop on a shopping parade. Can you recommend conveyancers offering no-move-no costs for commercial conveyancing in Newmarket for under £2000?

We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Newmarket, including the disposal and purchase of businesses as well as simply premises. If you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. Regarding the costs these will vary based on the structure and terms of the deal. Let us have your details or telephone so as to enable us to supply you with a fixed commercial conveyancing calculation.

Planning to complete next month on a garden flat in Newmarket. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Newmarket should include some of the following:

    Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? specifics of the parties to the lease, for instance these could be the tennant, superior lessor, freeholder Whether the lease restricts you from subletting the property, or working from home The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. How long the lease is. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
For details of the information to be contained in your report on your leasehold property in Newmarket please ask your conveyancer in ahead of your conveyancing in Newmarket.

I purchased a garden flat in Newmarket, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Newmarket with over 90 years remaining are worth £195,000. The ground rent is £45 yearly. The lease runs out on 21st October 2081

With 63 years unexpired we estimate the premium for your lease extension to be between £16,200 and £18,600 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

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Find out more about how flying freehold can affect your the value of a property.