We wanted to use a property lawyer in Newbury for our home move. Our financial adviser has since advised us that our bank Bank of Ireland won't deal with them. Surely this is unduly restrictive?
Mortgage Companies in the main restrict either the type or the amount of conveyancing practices on their member panel. A common example of such criteria being that a firm must have two or more partners. As well as restricting the type of firm, some have decided to limit the amount of solicitor practices they allow to represent them. Be aware that Bank of Ireland have no responsibility for the quality of advice provided by any member of Bank of Ireland Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions about the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Newbury only execute one or two conveyances a year.
I have been told that property searches are a common cause of hinderance in Newbury conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Newbury.
How does conveyancing in Newbury differ for newly converted properties?
Most buyers of new build premises in Newbury come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Newbury typically buy 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 conveyancing solicitors 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 Newbury or who has acted in the same development.
How can the Landlord & Tenant Act 1954 affect my commercial offices in Newbury and how can you help?
The particular law that you refer to affords a safeguard to commercial leaseholders, granting the legal entitlement to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Newbury is one of our hundreds of areas of the UK in which the firms we work with are located
I've recently bought a leasehold flat in Newbury. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 2 bed flat in Newbury, conveyancing formalities finalised August 1997. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Newbury with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2080
With 55 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Is it possible for you to recommend a lawyer for conveyancing in Newbury (or within 5klm)? It is for a sale and purchase.We did have one lined up but just found out that are not on the panel for TSB.
The purpose of this site is restricted to being a directory service for conveyancers who want to be listed as being on the approved conveyancing panel for TSB in certain areas such as Newbury . We dont recommend any specific lawyer.