My lawyer has identified a a problem with the lease for the property we are buying in Woodcote. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender specifications must be adhered to.
My bid for a property was accepted at auction in Woodcote. Conveyancing is needed. What are my next steps?
Having exchanged you will need to choose a conveyancing practitioner as a matter of priority as you will have a fast approaching a drop dead date to complete the transaction. All auction property should have a corresponding legal pack. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You need to hand this to the conveyancer instructed by you as soon as possible. You also need to ensure that you have funds in order to complete on the on the contractual date .
Is it correct that all Woodcote CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing list of approved firms?
Some major banks and building societies now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
is it true that all Woodcote solicitor firms on the Nottingham conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nottingham conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I am buying a new build apartment in Woodcote. Conveyancing is daunting 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 conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Woodcote
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared.
We're FTB’s - agreed a price, yet the property agent told us that the owners will only proceed if we use the agent's chosen lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer used to conveyancing in Woodcote
It is improbable the owners are driving this. If they want ‘a quick sale', taking such a hostile approach to a serious buyer is not the way to achieve this. Speak to the owners direct and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)but you are going to use your own,trusted Woodcote conveyancing lawyers - not the ones that will provide their estate agent a commission or hit his conveyancing thresholds set by corporate headquarters.
I've recently bought a leasehold house in Woodcote. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Woodcote Conveyancing for Leasehold Flats - Sample of Queries before buying
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How many of the leaseholders are in arrears for their service charge payments? Plenty Woodcote leasehold properties will incur a service bill for maintenance of the building invoiced on behalf of the freeholder. If you acquire the apartment you will have to pay this contribution, normally quarterly during the year. This can be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a large amount, say around £50-£100 but you need to enquire it because sometimes it could be many hundreds of pounds. It is important to be aware if changing the roof or some other significant cost is coming up to be shared by the leasehold owners and may well materially increase the the maintenance costs or necessitate a one off payment.
There are a number of properties in Woodcote on private roads. My husband and I are buying such a house. What would be the advantages and disadvantages of purchasing a residence on a privately owned road?
Woodcote conveyancing practices will be used to conveyancing homeson private. The conveyancer will review the title to identify any rights or liabilities. It is possible that there is a management company (wholly owned by residents) that owners pay into to maintain the road. If one exists, the road will likely be maintained and appear nicer than council adopted.