The estate agent has sent us the confirmation of our purchase of a new build flat in Skewen. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Skewen
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I opted to have a survey completed on a house in Skewen in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Skewen. Conveyancing may be slightly more expensive based on your lender's requirements.
What tools are available to identify a Skewen solicitor on the Chelsea Building Society conveyancing panel? I am a keen cyclist and am happy to travel upto 10kilometers to meet the solicitor.
Feel free to make use of the search on this page. Please select a lender and your location and you will see a number of Skewen conveyancing lawyers based on proximity. We have listed some Skewen conveyancing firms towards the end of this page and you can ring them to check if they are on the Chelsea Building Society member panel
I need to appoint a conveyancing solicitor for leasehold conveyancing in Skewen. I happened to chance upon a web site which appears to be the ideal answer If it is possible to get all the legals completed via web that would be preferable. Should I be wary? 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?
I am a negotiator for a long established estate agent office in Skewen where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Skewen conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Skewen Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the lessees enjoy control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How is the lease structured? Where a Skewen lease has no more than 80 years it will impact the salability of the property. Check with your bank that they are content with the length of the lease. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for 24 months before you are entitled to carry out a lease extension.
After what feels like an age I have had an offer on an apartment in Skewen accepted, the vendor does however have a tied purchase. The vendors have submitted an offer on a property, however it’s not yet agreed to, and are looking at other apartments in the pipeline. I have chosen a local conveyancing lawyer in Skewen. What should be my next step? When should I get the mortgage application with Principality going with Principality?
It is usual to have concerns where there is a chain given your reluctance to incur costs too early (mortgage application is approx one thousand pounds, then survey, Skewen conveyancing search costs, etc). The first thing to do is check that your solicitor is on the Principality approved list. Regarding the next steps this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a hot market many purchasers would apply for the mortgage with Principality and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with the conveyancing in Skewen.