Much to our surprise we have been advised by our estate agent that my Yateley property lawyer is not on the bank Conveyancing panel. How can I be sure that this is correct?
Your first step should be to call your Yateley lawyer directly. You lawyer should advise you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
Can you explain why leasehold purchase conveyancing in Yateley is more expensive?
The conveyancing charges for a leasehold premises in Yateley is often greater than on a freehold property. This is due to the supplemental investigations necessary in communicating with the freeholder and managing agents to collate the information about whether the rent and service charges have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Yateley. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/6/2022, the requirements read as follows :
Just had an offer accepted on a new build flat in Yateley. Conveyancing is necessary evil 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 should expect your new-build leasehold conveyancing in Yateley
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking for a leasehold apartment up to £305k and identified one near me in Yateley I like with amenity areas and station nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Yateley in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
The financial adviser has suggested using their solicitor for my conveyancing in Yateley - Is it not simpler easier to just instruct them?
You need to establish if the estate agent is recommending a property lawyer or introducing to a property lawyer. There are plenty of Yateley selling agents who recommend two or three Yateley conveyancing firms and get nothing from it.