My wife and I are purchasing a newly built duplex in Newbury and my solicitor is telling me that she has to the mortgage company to disclose incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I got the keys to my flat on 1 January and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Newbury expressed confidence that it should be recorded in a couple of weeks. Are properties in Newbury uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Newbury registration formalities. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. At present in the region of 80% of such applications are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration is effected once the buyer is living at the property thus an expedited registration is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer could contact the land registry and explain the circumstances.
Just had an offer accepted on a new build apartment 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 conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Newbury
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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 confirm the Lease plans are architect prepared.
I opted to have a survey completed on a house in Newbury ahead of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks tend refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newbury. Conveyancing will be smoother if you use a solicitor in Newbury especially if they are accustomed to such properties in Newbury.
I own a leasehold house in Newbury. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Newbury who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Newbury conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Newbury Leasehold Conveyancing - A selection of Queries Prior to buying
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Who manages the block? Are any of leasehold owners in dispute over their service charge liability? The answer will be important as a) areas could result in problems in the block as the communal areas may start to deteriorate where maintenance are not paid for b) if the tenants have a dispute with the managing agents you will wish to have all the details
New build sellers have suggested I use a property lawyer and I've obtained a quote from them. They are nearly three hundred pounds less expensive than my preferred Newbury property lawyer. Should I use them?
Builders frequently have lists of solicitors who are quick and who know the developer’s paperwork and conveyancing practitioner. As many developers offer an inducement to choose a preferred conveyancer for this reason, any increased fees can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the transaction delayed when they require an exchange within a tight time frame. The argument for not agreeing to use the suggested property lawyer is that they may be unwilling to 'push' your interests at the risk of upsetting the sellers. If you worry that this may be the situation you should remain with your high street Newbury conveyancing practitioner.