We previously chose conveyancing lawyers with offices in Tadley on the UBS solicitor approved list. They are now charging me an additional sum for dealing with the UBS mortgage. Is this an additional conveyancing fee specified by UBS?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner may charge a fee for this. The charge is not set by UBS but by your Tadley conveyancer. Plenty of firms on the UBS panel will charge an ‘acting for lender’ fee and others do not.
It is unclear whether my bank requires a lease extension. I have telephoned my Tadley building society branch on various occasions and was reassured it wasn't an issue and they would lend. My Tadley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my flat. I had a double glazing fitted in January 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being problematic. The Tadley solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Tadley differ for newly converted properties?
Most buyers of new build or newly converted property in Tadley come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Tadley typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Tadley or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Tadley I like with amenity areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Tadley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Do I need to be wary about estate agents that I am dealing with are recommending a national conveyancing firm rather than a local Tadley conveyancing company?
As is the case with lots of service providers, often referrals from family and friends can be very helpful. Nevertheless there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest conveyancers to use. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your own lawyer. Don't forget that many banks operate an approved list of law firms you are obliged to use for the mortgage aspect of your house move.
I want to let out my leasehold flat in Tadley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease governs relations between the landlord and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Tadley do not prevent subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Tadley Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. It would be prudent to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily matters like the upkeep of the common parts. Ask other people what they think of them. On a final note, find out the dates that the maintenance charges are due to the appropriate party and specifically what you get for your money. How many of the leaseholders are in arrears for their maintenance charge payments?