I require conveyancing for a flat in a fairly new development (6 years old) in Newburn. Almost all the flats have already been disposed of. Is it really necessary to order conveyancing searches for my conveyancing in Newburn?
You would be opening yourself up to an unnecessary risk in refusing to carrying out Newburn conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would strongly advise in the strongest possible terms that you have them. Where time pressures and driving down costs are primary issues you should discuss with your conveyancer about the viability of search insurance
This question may be naive but I am new to the house moving as FTB of a ground floor flat in Newburn. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Newburn?
On the day of completion you will not be required to attend the conveyancers office in Newburn. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and once they have received this, you will be able to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
When it comes to lenders such as Barclays, do Newburn conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I are at the point of looking at houses in Newburn and I am about to put in an offer. Should I already have a lawyer appointed at this point? I intend to finance via a mortgage with Virgin Money.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
About to purchase a new build flat in Newburn. 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Newburn
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the input of my in-laws I had a survey completed on a house in Newburn before appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend refuse to give a loan on such a house.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newburn. Conveyancing will be smoother if you use a solicitor in Newburn especially if they regularly deal with such properties in Newburn.
In what way does the Landlord & Tenant Act 1954 impact my business premises in Newburn and how can your lawyers assist?
The 1954 Act gives a safeguard to business leaseholders, granting the a statutory right to make a request to court for a new lease and remain in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Newburn
I am attracted to a two flats in Newburn both have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Newburn. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I own a basement flat in Newburn, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Newburn with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2104
With 80 years left to run the likely cost is going to span between £8,600 and £9,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.