Is the fact that my solicitor in Newhaven is not on my mortgage company's solicitor panel that there is a problem with the quality of his conveyancing?
That would more than likely be an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Newhaven conveyancing practice and ask them why they are no longer on the approved list for your lender.
My aunt advised me that in purchasing a property in Newhaven there may be a number of restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Newhaven which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Newhaven should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The mortgage over my property is with Skipton for my property in Newhaven. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
You must advise Skipton prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
I can not work out if my lender requires a lease extension. I have telephoned my Newhaven building society branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Newhaven conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Will our lawyer be making enquiries about flooding during the conveyancing in Newhaven.
The risk of flooding is if increasing concern for lawyers dealing with homes in Newhaven. Plenty of people will buy a house in Newhaven, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous checks that may be carried out by the buyer or by their solicitors which should give them a better appreciation of the risks in Newhaven. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out whether the premises has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer could bring a legal claim for losses resulting from an incorrect answer. The purchaser’s solicitors will also order an environmental report. This should reveal whether there is a recorded flood risk. If so, additional investigations will need to be initiated.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Newhaven I like with open areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Newhaven in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Am I better off to instruct a Newhaven conveyancing practitioner based in the vicinity that I am hoping to buy? I have an old university friend who can conduct the legal formalities but his firm is located over three hundred miles away.
The primary upside of using a local Newhaven conveyancing firm is that you can pop in to execute documents, hand in your identification documents and pester them if necessary. Having local Newhaven know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were happy that should trump using an unfamiliar Newhaven conveyancing lawyer just because they are local.