My wife and I are hoping to purchase a property in Newburn and are in fact using a Newburn conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Britannia have this morning contacted us to advise us that they have now hit a problem as our Newburn conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Newburn lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Is there a reason why leasehold purchase conveyancing in Newburn costs more?
In short, leasehold conveyancing in Newburn and elsewhere usually requires additional work compared to freehold conveyancing. This includes checking the lease terms, communicating with the landlord about the service of appropriate notices, procuring current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
A relative informed me that in buying a property in Newburn there could be a number of restrictions prohibiting external alterations to the property. Is this right?
There are anumerous of properties in Newburn which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Newburn should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are buying a 3 bedroom semi in Newburn. We would like to carry out a loft conversion at the house.Will legal conveyancing on the property involve investigations to ascertain if these works are allowed?
Your conveyancer should review the registered title as conveyancing in Newburn will occasionally reveal restrictions in the title deeds which prohibit certain alterations or necessitated the consent of a 3rd party. Certain works require local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these things with a surveyor prior to committing yourself to a purchase.
When it comes to mortgage companies such as Lloyds, do Newburn property lawyers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I require fast conveyancing in Newburn as I am faced with pressure to sign on the dotted line within 2 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to have searches carried out although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Newburn the following are instances of issues that can crop up and therefore affect future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Newburn is where the house is located. Can you offer any guidance?
Flying freeholds in Newburn are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newburn you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newburn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What are your top tips when it comes to appointing a Newburn conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Newburn conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Newburn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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What volume of lease extensions has the firm conducted in Newburn in the last 12 months? What are the costs for lease extension conveyancing?
I acquired a basement flat in Newburn, conveyancing formalities finalised in 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Newburn with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2078
You have 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.