Me and my partner are purchasing a 1 bedroom flat in Newark with a mortgage. We like our Newark solicitor, but the bank advise she’s not on their "panel". It seems we have little option but to select one of the mortgage company panel conveyancing practices or retain our Newark conveyancing practitioner and pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Newark conveyancing lawyer to apply to be on the conveyancing panel.
We see that you have a post code search directory listing solicitors on the Nationwide conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Newark?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Newark.
How does conveyancing in Newark differ for newly converted properties?
Most buyers of new build premises in Newark come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Newark typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newark or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Newark I like with open areas and transport links nearby, however it only has 49 years unexpired on the lease. There is not much else in Newark in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I'm refinancing my current property to a BTL mortgage with The Royal Bank of Scotland and intend to use the remaining equity as a deposit on a second house. The location we are interested in is Newark. Will your solicitors be able to act for the two lenders and link together the conveyances?
Do use our search tool on this site to be sure that the lawyers are approved by both banks. Assuming that they are your conveyancer should be able to tie up the two deals but you should talk with you lawyer and make apparent your expectations and requirements.
Completion is due on our sale of a £125,000 maisonette in Newark in six days. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Newark?
Newark conveyancing on leasehold maisonettes normally involves administration charges levied by management companies :
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Answering pre-contract questions
Where consent is required before sale in Newark
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Newark Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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On the whole the cost for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Newark require leaseholders to contribute towards a reserve fund and this is used to offset against larger works. How is the lease structured? Who is in charge of the block?