My lawyer has identified a defect with the lease for the property we are buying in Newtown. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
The Newtown conveyancing firm that I appointed last week on my purchase in Newtown have suddenly closed. I chose them because I needed a firm on the Bank of Ireland conveyancing panel and my previous Newtown lawyer was not. I sent them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I moved into my flat on 5 January and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Newtown expressed confidence that it will be formalised in a couple of weeks. Are properties in Newtown particularly slow to register?
There is nothing unique when it comes to conveyancing in Newtown registration formalities. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd persons or bodies. At present roughly three quarters of submission are fully dealt with within two weeks but occasionally there can be extensive delays. Registration takes place once the new owner is living at the property thus 'speed' is not typically top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
I decided to have a survey completed on a house in Newtown ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks may not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Newtown. Conveyancing will be smoother if you use a solicitor in Newtown especially if they are acquainted with such properties in Newtown.
Is it simple use the search facility to get a fee calculation from a conveyancing lawyer in Newtown on the panel for my lender?
1st pick a mortgage company such as Yorkshire Building Society, The Royal Bank of Scotland or Bank of Ireland then specify your preferred area for example Newtown. Conveyancing organisations in Newtown and beyond should be identified.
If all goes to plan we aim to complete the sale of our £375,000 apartment in Newtown next week. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Newtown?
For most leasehold sales in Newtown conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in Newtown
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Newtown Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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How long is the Lease? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants have control and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Are any of leasehold owners in dispute over their service charge liability?