Our lawyer has uncovered a a problem with the lease for the apartment we are purchasing in New Invention. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender provisions have to be complied with.
We just had an offer accepted to purchase with Norwich and Peterborough Building Society. I dropped in a couple of local companies yet am struggling to find a New Invention conveyancing firm on the Norwich and Peterborough Building Society approved list. Please you assist?
Please do make use of the find a conveyancing panel solicitor tool on this page. Pick the lender and type New Invention or your preferred area and you will be presented with a number of lawyer located in New Invention or nearest you.
Is there a list of Lloyds panel solicitors in New Invention on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings available on the web. If you are in need of a New Invention property lawyer on the Lloyds please make the most of our tool.
Is it the case that all New Invention solicitors on the Kent Reliance conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do permit licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
We have agreed to purchase a house in New Invention. An unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with RBS your lawyer must comply with the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancers are required to report to RBS where a lease does not satisfy these requirements. The specifications relate to the installation of panels on properties countrywide and is not isolated to New Invention.
The estate agent has sent us the confirmation of our purchase of a new build apartment in New Invention. 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 legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in New Invention
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. 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. There must be mutual enforceability of lessee’s covenants.
Due to the guidance of my in-laws I had a survey completed on a house in New Invention before appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in New Invention. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to finding a New Invention conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a New Invention conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non New Invention conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions has the firm carried out in New Invention in the last twenty four months? What are the costs for lease extension work?
New Invention Leasehold Conveyancing - A selection of Queries Prior to buying
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Many New Invention leasehold properties will be liable to pay a service bill for maintenance of the block invoiced by the landlord. Should you acquire the property you will have to meet this amount, usually in instalments throughout the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met yearly, normally this is not a significant figure, say about £25-£75 but you need to enquire as sometimes it can be prohibitively expensive. Make sure you enquire if there are any onerous prohibitions in the lease. By way of example it is very common in New Invention leases that pets are not allowed in in a block in New Invention. If you like the flatin New Invention however your cat can’t live with you then you will be faced hard decision.