We are nearing an exchange on a house in New Invention and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancing practitioner is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I have recently appointed a conveyancing solicitor in New Invention. I I would like to check whether they are on the Yorkshire Building Society approved list of lawyers. Could you advise?
You should e-mail your lawyer and enquire whether they are on the lender panel. Alternatively you can get in touch with Yorkshire Building Society who may be able to confirm.
This question may be naive but I am new to the home moving as a first time buyer of a ground floor flat in New Invention. Do I collect the keys to the house on the completion date from my solicitor? If so, I will find a High Street conveyancing solicitor in New Invention?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s lawyers, and once they have received this, you will be able to pick up the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
We previously selected conveyancing lawyers locally in New Invention on the Virgin Money solicitor panel. They are now charging me a further charge for dealing with the Virgin Money mortgage. Is this a supplemental conveyancing fee specified by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your solicitor may levy a fee for this. This charge is not set by Virgin Money but by your New Invention conveyancer. Plenty of firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
I have decided to exercise my right to buy my property in New Invention off the council. I have a mortgage agreed with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
How does conveyancing in New Invention differ for newly converted properties?
Most buyers of new build residence in New Invention come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in New Invention typically acquire the land, 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 conveyancers 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 used to new build conveyancing in New Invention or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and identified one round the corner in New Invention I like with open areas and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in New Invention suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
We expect to complete our sale of a £150,000 maisonette in New Invention in just under a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in New Invention?
New Invention conveyancing on leasehold maisonettes normally necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to sell the property.
New Invention Leasehold Conveyancing - Sample of Questions you should ask before buying
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How much is the ground rent and service charge? How many years are left on the lease? How many of the leaseholders are in arrears for their maintenance charge payments?