My fiance and I are looking to purchase a property in Newark on Trent and have appointed a Newark on Trent conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Britannia have this afternoon contacted us to advise us that they have now hit a problem as our Newark on Trent solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Newark on Trent solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are planning to acquire a property and require a conveyancing solicitor in Newark on Trent who is on the Bank of Ireland approved panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Ireland . We don't recommend any particular firms conducting conveyancing in Newark on Trent.
I am buying a new build flat in Newark on Trent. Conveyancing is daunting 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 conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Newark on Trent
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. 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.
I am looking for a flat up to £305k and found one round the corner in Newark on Trent I like with amenity areas and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Newark on Trent in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property 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 solicitor about this matter.
We are 14 days into a residential purchase having been recommend to solicitors by the estate agent to carry out the conveyancing in Newark on Trent. I am am starting to be disappointed with the quality of service. Can you you assist me in finding new conveyancers?
They would need to be really bad to suggest diss instructing them. Has your mortgage offer been generated? If so you must advise them of the new contact details and get the loan are issued to the new lawyers. Your conveyancer should be on the lenders approved list to avoid escalating costs and complications. That should be your first question of the new solicitors. Our find a solicitor tool should assist you in finding a lender approved solicitor for your home move in Newark on Trent
Can you offer any advice when it comes to appointing a Newark on Trent conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Newark on Trent conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Newark on Trent conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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What are the charges for lease extension work? If the firm is not ALEP accredited then what is the reason?
I own a studio flat in Newark on Trent, conveyancing was carried out in 1995. Can you work out an approximate cost of a lease extension? Comparable flats in Newark on Trent with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2093
You have 67 years unexpired the likely cost is going to span between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.