We are acquiring a new build flat in Leominster and my conveyancer is advising me that she has to the lender to disclose incentives from the seller. I am on a tight deadline to exchange contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank 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.
We previously appointed conveyancers based in Leominster on the Principality solicitor approved list. They are now charging me a further sum for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. This fee is not dictated by Principality but by your Leominster lawyer. Numerous firms on the Principality panel will levy ’dealing with mortgage’ fee and others do not.
I am buying a property in Leominster. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
Given that you are obtaining a mortgage with Nottingham your lawyer must follow the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Nottingham where a lease does not satisfy these provisions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Leominster.
Principality have agreed my home loan in principle, my bid on a house in Leominster has been accepted, what are the next steps?
Your estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s approved list). Telephone Principality or the financial adviser and finalise any relevant paperwork. Principality will sellect a valuer who will get in touch with the selling agent or owners to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight to receive the mortgage offer. Principality will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Leominster.
The estate agent has sent us the confirmation of our purchase of a new build flat in Leominster. Conveyancing is a frightening process 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.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Leominster
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Leominster I like with a park and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Leominster in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am looking into buying my first house which is in Leominster and I am already nervous. I couldn't find anything specific about Leominster. Conveyancing will be needed in due course but do you know about the Leominster area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Leominster. In the meantime here are some basic statistics that we found
Am I best advised to use a Leominster conveyancing practitioner who is local to the property I am buying? We have a good friend who can execute the legal work but her office is 400miles away.
The benefit of a high street Leominster conveyancing firm is that you can drop in to execute paperwork, hand in your ID and apply pressure on them if necessary. They will also have local intelligence which is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and the majority were happy that should outweigh using an unfamiliar Leominster conveyancing lawyer solely due to them being based in the area.