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Recently asked questions about conveyancing in Penshaw

My wife and I are about to complete buying a house in Penshaw but as a consequence of damage from a small fire at the property I have managed to agree reparation from the owner of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Coventry BS are not allowing this. Should they have been approached?

Any solicitor being on a Coventry BS conveyancing panel is obliged to disclose to Coventry BS of any changes to the sale price. If you were to refuse your conveyancing practitioner to report the price change to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancing practitioner for your conveyancing in Penshaw.

I am about to put an offer on a leasehold property in Penshaw. The estate agents say that it is usual for flats in Penshaw to have less than 75 years left on the lease. I am getting a mortgage with Tesco Bank. Is this going to be a problem if the lease has 69 years to go.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 7/11/2019 the requirements read as follows :

Mortgage term plus 30 years (subject to a minimum unexpired term of 55 years). Please contact us as detailed in 1.11b should this not be the case.
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.

Will my lawyer be asking questions regarding flooding during the conveyancing in Penshaw.

The risk of flooding is if increasing concern for lawyers dealing with homes in Penshaw. There are those who purchase a house in Penshaw, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.

Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that may be carried out by the buyer or by their conveyancers which can give them a better understanding of the risks in Penshaw. The conventional set of completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past which is not revealed by the seller, then a purchaser could bring a claim for damages resulting from an inaccurate reply. A purchaser’s solicitors should also carry out an enviro search. This should higlight if there is any known flood risk. If so, additional investigations will need to be initiated.

The estate agent has sent us the confirmation of our purchase of a new build apartment in Penshaw. Conveyancing is daunting 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 questions that you should expect your new-build leasehold conveyancing in Penshaw

    Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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.

We're new on the property ladder - agreed a price, but the property agent informed us that the seller will only proceed if we instruct the agent's chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Penshaw

It is highly unlikely the sellers are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Contact the owners directly and make the point that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you intend to appoint your preferred Penshaw conveyancing firm - as opposed tothose that will give their estate agent a introducer fee or hit his conveyancing figures set by senior management.

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