My partner and I are planning to buy a house in Newtown and are in fact using a Newtown conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this afternoon contacted us to advise us that they have now hit a problem as our Newtown conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. 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 solicitor should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Newtown lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We have very assertive vendors who has insisted on a preliminary agreement with a payment of 5k. Is it wise to enter into such agreements?
Lock out contracts are agreements between a home vendor and purchaser granting the buyer the sole right to the sale of the property for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are various positives and negatives to having an agreement but you should to check with your conveyancer but beware that it may result in costing you more in conveyancing fees. In light of these reasons these contracts are unusual when it comes to conveyancing in Newtown.
We are buying a terrace house in Newtown. Our aim is to convert the garage to a playroom at the house.Will legal due diligence on the property involve enquiries to determine if these works are prohibited?
Your solicitor will review the deeds as conveyancing in Newtown will on occasion reveal restrictions in the title documents which restrict certain changes or require the consent of another owner. Some extensions call for local authority planning consent and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor ahead of any purchase.
We previously appointed solicitors located in Newtown on the Leeds Building Society solicitor approved list. They have just invoiced me a supplemental charge for dealing with the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer can levy a fee for this. This fee is not dictated by Leeds Building Society but by your Newtown property lawyer. Numerous firms on the Leeds Building Society panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Newtown is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Just had an offer accepted on a new build apartment in Newtown. Conveyancing is necessary evil 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 legal work.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Newtown
-
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I opted to have a survey done on a property in Newtown ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Newtown. Conveyancing will be smoother if you use a solicitor in Newtown especially if they are familiar with such properties in Newtown.
Expecting to exchange soon on a garden flat in Newtown. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Newtown should include some of the following:
-
Rent payments - how much and what the invoice dates are, and be on notice if this is subject to change How long the lease is. You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years What options are available to the landlord where you breach a clause of your lease? What you can do if another leaseholder in the building is in violation of a provision in their lease? The physical ownership of the property. This could be the flat itself but may include a roof area or storage are if relevant.
Newtown Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
-
You will want to find out as much as you can about the company managing the building as they can either make your living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to day to day issues such as the upkeep of the communal areas. Ask other tenants what they think of their management. Finally, be sure you understand the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this arrangement the leaseholders have control and even though a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. Who is in charge of the block?