I am getting closer to an exchange on a flat in Reading and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has not come from me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are due to move property in October. Will my conveyancing solicitor liaise with the removal company on the completion day. As an aside, can you put forward a removal company in Reading. Conveyancing solicitor was organised prior to coming across your page.
On the day of completion you will need to pick up the house keys from your property agent but this can only occur when the previous owners conveyancers advise the agent that the monies to complete are in and the keys can be handed over. After that you will need to inform the removal company that you are ready to move in. We are not in a position to recommend a particular removal company but can assist you in finding a residential property solicitor in Reading or a lawyer that specialises in conveyancing in Reading.
We have agreed to purchase a house in Reading. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
As you are obtaining a mortgage with Nationwide your lawyer must follow the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Nationwide where a lease fails to meet these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Reading.
The formalities of my remortgage has taken place for my property in Reading. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
The estate agent has sent us the confirmation of our purchase of a new build flat in Reading. 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 legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Reading
There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. 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.
Due to the guidance of my in-laws I had a survey completed on a house in Reading in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders may refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Reading. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Reading to see if the conveyancing costs will increase in light of this.
I am a sole trader planning to lease a unit on the high street. Can you recommend conveyancers offering no-move-no charges for commercial conveyancing in Reading for under £2000?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Reading, including the sale and purchase of businesses as well as simply premises. If you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a complete business we can find you the right solicitor. Regarding the costs these will vary based on the structure and nuances of the proposed transaction. Please provide us with your details or email so as to enable us to provide you with a detailed commercial conveyancing calculation.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Reading. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Reading are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Reading so you should seriously consider shopping around for a Reading conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.
Leasehold Conveyancing in Reading - Sample of Queries before Purchasing
What prohibitions exist in the Reading Lease? Many Reading leasehold flats will have a service bill for the upkeep of the block levied by the management company. Should you acquire the apartment you will have to pay this liability, usually quarterly accross the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met yearly, ordinarily this is not a significant amount, say about £25-£75 but you need to check it because sometimes it could be many hundreds of pounds. Please note that where the lease has less than eighty years it will affect the value of the flat. Check with your lender that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Readinglease extensions you will need to own the residence for a couple of years before you are eligible to exercise a lease extension.