My wife and I are soon to complete on the purchase of a house in Northampton but as a result of wreckage from some water damage at the property I have managed to agree recompense from the current proprietors in the sum of £3k taking the form of a reduction in the price. I had intended this to be addressed as part of a side agreement however Nationwide are not allowing this. Should they have been notified?
The conveyancer that is on a Nationwide conveyancing panel is required to disclose to Nationwide of any variations to the sale price. If you prohibit your property lawyer to notify the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancer for your conveyancing in Northampton.
About to place a bid on a leasehold property in Northampton. The property agents say that it is usual for flats in Northampton to have less than 75 years left on the lease. I am obtaining a mortgage with Virgin. Will the property be mortgageable given that the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/3/2024 the requirements read as follows :
How does conveyancing in Northampton differ for newly converted properties?
Most buyers of new build or newly converted property in Northampton come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Northampton usually acquire the land, 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 Northampton or who has acted in the same development.
I am selling my property. My previous lawyers closed down. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Northampton if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Northampton. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
My cousin has recommend that I appoint his conveyancers in Northampton. Should I find my own solicitor?
No doubt the ideal way to find a conveyancing practitioner is to get guidance from friends or family who have used the conveyancer you're are thinking of instructing.
I've recently bought a leasehold house in Northampton. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Northampton Leasehold Conveyancing - Sample of Questions you should consider before buying
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You should want to find out as much as you can about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending that money. The majority of Northampton leasehold apartments will incur a service charge for maintenance of the building set by the freeholder. Where you acquire the apartment you will have to meet this liability, usually periodically throughout the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, normally this is not a significant amount, say around £50-£100 but you should to enquire it because occasionally it could be many hundreds of pounds. Generally speaking the cost for major works are not included within service charges, although some managing agents in Northampton require tenants to contribute towards a sinking fund and this is used to offset against major works.