My solicitor has informed me that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Newbury conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Halifax and Barnsley Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I have a mortgage with TSB for my property in Newbury. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
You must advise TSB prior to renting your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel solicitor.
I am due to exchange contracts on my apartment. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being difficult. The Newbury solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Newbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Newbury
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There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. 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.
I decided to have a survey carried out on a house in Newbury prior to instructing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor has said that some banks will not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Newbury. Conveyancing may be slightly more expensive based on your lender's requirements.
What is different about your site and other web based conveyancing brokers for conveyancing in Newbury?
At this site receive a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Newbury. As opposed to estate agents and many comparison sites we do not operate commission deals with solicitors. Many agents and online brokers 'recommend' solicitors paying the highest per referral, as opposed to the best value conveyancing in Newbury
I work for a long established estate agency in Newbury where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Newbury conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Newbury - A selection of Questions you should consider before buying
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How many of the leaseholders are in arrears for their service charge payments? You will want to find out as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the tidiness of the common parts. Don't be shy to ask other people what they think of their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending the funds.
Should one remove a departed person's name from the title register for a property in Newbury?
Where a Newbury property is jointly owned and one of the proprietors dies, the name will not immediately be removed from the title deeds. You are not required to remove their name as when it comes to a disposal your conveyancer would simply be required to evidence as to the reason the other proprietor is not included in the transfer, such as the probate documents.
With a view to making the sale conveyancing smoother for the sale of the property you may apply to have the deceased name erased from the title entries by submitting an application to HMLR with proof of the death. There is no land registry fee payable.