I am buying a brand new flat in Niton and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the seller. I am on a tight deadline to exchange and my preference is not to delay matters. Is my lawyer right?

You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

Can you explain why leasehold purchase conveyancing in Niton costs more?

Niton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

Do I need to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Niton so that I can pop in to their offices when needed.

Whereas this was necessary ten years ago, almost all mortgage companies no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply identification documents and there are still distinct benefits to using a locally based solicitor, in your case a conveyancing solicitor in Niton.

Are there any apps to help identify a Niton law firm on the Leeds Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 25miles to meet the solicitor.

You can use the tool on this page. Please choose the mortgage company and your location and you will see a number of Niton conveyancing lawyers based on proximity. We have listed some Niton conveyancing firms towards the end of this page and you can telephone them to check whether they are on the Leeds Building Society approved list

I am looking at a two maisonettes in Niton both have about forty five years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Niton. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

Niton Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying

You should be aware that where the lease has fewer than eighty years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. For most Nitonlease extensions you will be be obliged to have been the owner of the premises for two years in order to be entitled to extend the lease. The majority of Niton leasehold apartments will incur a service charge for maintenance of the block invoiced by the management company. Where you purchase the property you will have to pay this liability, normally periodically throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, this is usually not a large amount, say around £50-£100 but you need to enquire it because occasionally it can be many hundreds of pounds. It would be prudent to discover as much as you can concerning the managing agents as they can either make your living at the property much easier or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the common parts. Don't be afraid to ask other tenants whether they are happy with their management. Finally, investigate as to the dates that the maintenance fees are due to the relevant party and precisely how they are spending the funds.