About to purchase a new build apartment in Old Swan. Conveyancing is a frightening process 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.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Old Swan
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I decided to have a survey carried out on a property in Old Swan in advance of instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies tend not grant a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Old Swan. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Old Swan to see if the conveyancing costs will increase in light of this.
I'm converting the mortgage on my current house to a BTL mortgage with Nationwide Building Society and I will use the rest of the raised equity as a down payment on further property. The location we are interested in is Old Swan. Will your conveyancers be able to act for both sets of banks and tie in the conveyances?
Do use our search tool on this page to ensure that the solicitors are approved by both lenders. On the basis that they are your conveyancer will be able to connect the two conveyancing matters but you should talk with you lawyer and communicate your desired outcome and needs.
Should I choose a Old Swan conveyancing practitioner based in the vicinity that I am purchasing? I have an old university friend who can carry out the conveyancing but they are based 300kilometers drive away.
The primary upside of using a high street Old Swan conveyancing practice is that you can visit the firm to sign documents, present your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were impressed that should surpass using an unfamiliar Old Swan conveyancing lawyer just because they are local.
Why do Old Swan conveyancing fees are more expensive for leasehold and freehold properties?
Inevitably there is increased work needed for leasehold conveyancing. Old Swan has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.