My wife and I are hoping to purchase a home in Newtown and are in fact using a Newtown conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. HSBC Bank have this evening contacted us to inform me that there is now an issue as our Newtown lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Newtown solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Are you able to suggest a TSB allowed Newtown conveyancing solicitor finish our home move within under 3 weeks? Would it be better to use a high street Newtown firm or a nationwide conveyancer?
We can recommend some very good Newtown conveyancing firms. You can also walk up the high street in Newtown. Visit two or three law practices and request to speak with a conveyancing solicitor for a quote. Mention your time frames together with the reasons and ask for a commitment on speed. Select the lawyer that you are most comfortable with.
I purchased a freehold residence in Newtown yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Newtown and has limited impact for conveyancing in Newtown but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
How does conveyancing in Newtown differ for newly converted properties?
Most buyers of new build or newly converted property in Newtown approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Newtown typically buy 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 conveyancers 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 accustomed to new build conveyancing in Newtown or who has acted in the same development.
I need to find a conveyancing solicitor for remortgage conveyancing in Newtown. I happened to discover a web site which appears to be the perfect answer If there is a chance to get all this stuff done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Expecting to complete next month on a studio apartment in Newtown. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Newtown should include some of the following:
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Repair and maintenance of the premises Where does the liability rest to repair and maintain the block. It is essential that you know who is liable for the repair and maintenance of all parts of the block and estate Defining your rights in relation to the communal areas in the building.For instance, does the lease grant a right of way over an accessway or hallways? Alterations to the flat
Leasehold Conveyancing in Newtown - A selection of Questions you should ask Prior to buying
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This question is useful as a) areas can cause problems in the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will wish to know about it Make sure you enquire if the the lease includes any unreasonable restrictions in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Newtown. If you love the apartmentin Newtown however your dog can’t live with you then you will be faced difficult choice. Who manages the building?