I plan on acquiring a leasehold flat in Newington. My lawyer is not on the lender approved list. Can I still continue with my Newington conveyancing solicitor notwithstanding that they are excluded from the bank approved list?
You will need to use a solicitor to complete the legal work required if you take out a loan to buy your property. The lawyer will carry out all the essential investigations on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage paperwork is dealt with. One could instruct a Newington property lawyer of your choosing. However, if the conveyancing practitioner selected is not on the mortgage company solicitor panel additional charges will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so where your lawyer has not previously sought membership they should do so.
My partner and I are acquiring our first home. Our conveyancer has calledto ask if we would like to purchase extra conveyancing searches. We are really unsure what's needed for conveyancing in Newington
The extent of Newington conveyancing searches should be dictated primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall attitude to risk. What is important is that you properly understand what information each search could provide. Then you can make a decision if you personally think you need that information. Where you are unclear, ask your property lawyer to advise.
We are downsizing from our property in Newington and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers instructed a web based conveyancing outfit rather than a conveyancing solicitor in Newington. Having lived in Newington for three years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Newington differ for new build properties?
Most buyers of new build premises in Newington come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Newington typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newington or who has acted in the same development.
I am a negotiator for a reputable estate agency in Newington where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Newington conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as 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 buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Newington conveyancing firm to represent me?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Freehold Enfranchisement decision for a Newington flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The remaining number of years on the lease was 107 years.