Can you explain why leasehold purchase conveyancing in New Inn is more expensive?

In summary, leasehold conveyancing in New Inn and elsewhere usually involve additional work compared to freehold transactions. This includes reviewing the lease, communicating with the landlord concerning the service of appropriate notices, securing current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.

Can I be sure that the New Inn conveyancing solicitor on the Kent Reliance panel is any good?

When it comes to conveyancing in New Inn getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your transaction.

It is unclear whether my bank requires a lease extension. I have called my New Inn building society branch on numerous occasions and was advised it wasn't an issue and they will lend. My New Inn conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?

Your conveyancer has to follow the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

UBS have agreed my mortgage in principle, my offer on a apartment in New Inn has been accepted, what are the next steps?

The property agent will need to be informed of your property lawyer's details (be sure the lawyers are on the lender’s approved list). Call up UBS or the financial adviser and finalise any relevant paperwork. UBS will instruct a valuer who will get in contact with the estate agent or seller to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. UBS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in New Inn.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. New Inn is the location of the property. Is there any guidance you can impart?

Flying freeholds in New Inn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Inn you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Inn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

Planning to sign contracts shortly on a basement flat in New Inn. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in New Inn should include some of the following:

What options are open to you if a neighbour breaches a clause of their lease? The unexpired lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. You need to be informed what constitutes a Nuisance as far as the lease is concerned

I acquired a ground floor flat in New Inn, conveyancing was carried out 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in New Inn with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2075

You have 51 years remaining on your lease the likely cost is going to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

My son is about to join the property ladder, he had his mortgage in principle. One the seller agreed the offer on the house we called the building society to move forward with his. We were shocked to discover that mortgage lenders do not accept all solicitor, they must be on their panel, is this right?

Mortgage Companies tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any New Inn conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.