My fiance and I are looking to purchase a property in Edwinstowe and have instructed a Edwinstowe conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Coventry Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Edwinstowe solicitor is not on their approved list of lawyers. Please explain?

Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Edwinstowe solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.

I am buying a new build flat in Edwinstowe. 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.

Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Edwinstowe

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. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

I have been on the look out for a flat up to £195,000 and found one near me in Edwinstowe I like with amenity areas and railway links in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Edwinstowe in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.

What makes a Edwinstowe lease unmortgageable?

Leasehold conveyancing in Edwinstowe is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

Insurance obligations

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

Edwinstowe Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

Can you inform me if there are any major works in the planning that will likely add a premium to the service fees? How long is the Lease? Generally speaking the cost for major works are not wrapped into the service charges, although there some managing agents in Edwinstowe obliged leaseholders to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.

At what point do I incur stamp duty chargeable for my conveyancing in Edwinstowe?

The majority of solicitors tend to fill out a stamp duty return on your behalf as part of your Edwinstowe purchase transaction for signature. After completion your property lawyer will submit the Land Transaction application to the Inland Revenue and - assuming they have the money - discharge any Stamp Duty payable on your behalf.