My fiance and I are hoping to buy a home in Newquay and have instructed a Newquay conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this afternoon contacted us to inform me that there is now an issue as our Newquay lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Newquay lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Newquay?
Its becoming the norm that commercial conveyancing solicitors in Newquay will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Newquay. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Newquay.
For every commercial conveyancing transaction in Newquay it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Newquay commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Newquay.
About to purchase a new build flat in Newquay. 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 legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Newquay
Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
I have been advised by a few estate agents in Newquay to get a quote from a solicitor on your site. Is there a financial incentive for Estate Agents to offer your site rather than a competitor’s?
We refuse to offer any referral fee for directing people to this site. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I work for a reputable estate agency in Newquay where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Newquay conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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.
Newquay Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
Does this lease have more than 80 years remaining? On the whole the cost for major works tend not to be included within service charges, although some managing agents in Newquay ask tenants to pay into a reserve fund and this is used to offset against larger repairs or maintenance.