My husband and I are purchasing a newly constructed apartment in Tenbury Wells and my lawyer is informing me that she has to the bank to reveal incentives from the developer. The Estate Agents are hassling me to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will my conveyancer be raising questions about flooding as part of the conveyancing in Tenbury Wells.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Tenbury Wells. Some people will purchase a property in Tenbury Wells, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a number of searches that can be initiated by the buyer or by their conveyancers which should give them a better understanding of the risks in Tenbury Wells. The standard completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to determine if the premises has suffered from flooding. If the property has been flooded in past and is not revealed by the vendor, then a buyer may bring a compensation claim as a result of such an inaccurate response. The buyer’s solicitors may also conduct an environmental report. This will indicate if there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I am buying a new build apartment in Tenbury Wells. 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tenbury Wells
-
Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan.
As co-executor for the estate of my uncle I am disposing of a house in Monmouth but I am based in Tenbury Wells. My lawyer (approximately 235 kilometers from meneeds me to sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Tenbury Wells to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are based in Tenbury Wells
Last August I purchased a leasehold flat in Tenbury Wells. Do I have any liability for service charges for periods before my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Tenbury Wells Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
-
The answer will be important as a) areas may result in problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details Please note that where the lease has less than eighty years it will affect the marketability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be required to have been the owner of the premises for a couple of years in order to be eligible to extend the lease. What is the yearly maintenance fee and ground rent?
My husband and I are purchasing a 2 bedroom flat in Tenbury Wells. When we first instructed solicitor, we were told they were on all mainstream mortgage company panels. Our mortgage broker contacted us today to say that they are not on the UBS approved list. Were it to be true, what should we do? Should we just pick a new solicitor that is on their approved list or should we cover the costs for dual representation, with UBS appointing their own approved property lawyer.
If you are acquiring a property with the assistance of a mortgage it is normal for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancer has to satisfy. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should call UBS 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 UBS's conveyancing panel and you may continue to use your own Tenbury Wells solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another conveyancing practitioner into the mix.