I am mortgaging my property in Whickham, does my lawyer have to be on the Santander Solicitor panel?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Should my conveyancer be asking questions regarding flooding during the conveyancing in Whickham.
Flooding is a growing risk for solicitors specialising in conveyancing in Whickham. There are those who purchase a house in Whickham, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or by their lawyers which will figure out the risks in Whickham. The standard information given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the owner to discover if the premises has historically flooded. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a claim for damages resulting from an inaccurate answer. The buyer’s lawyers should also order an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries should be made.
How does conveyancing in Whickham differ for newly converted properties?
Most buyers of new build premises in Whickham approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Whickham tend to acquire the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Whickham or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Whickham I like with open areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Whickham for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I'm refinancing my existing home to a BTL mortgage with Clydesdale and intend to use the remaining equity as a deposit on a second property. The neighborhood we are looking at is Whickham. Will your conveyancers be able to act for both sets of lenders and link together the conveyances?
Do use our search tool on this site to ensure that the lawyers are approved by both lenders. Assuming that they are the lawyer should be able to tie up the two conveyancing matters but you should talk with you conveyancer and make clear your desired outcome and requirements.
Can you provide any advice for leasehold conveyancing in Whickham from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Whickham can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ representatives. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Whickham leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you dont have the approvals to hand you should not communicate with the landlord without contacting your lawyer before hand. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many landlords or Management Companies in Whickham levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Whickham.
Whickham Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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Be sure to find out if the the lease contains any onerous restrictions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Whickham. If you love the propertyin Whickham yet your cat is not allowed to live with you then you will be presented with a hard choice. Is anyone aware of any major works in the planning that could increase the maintenance fees? Where a Whickham lease has fewer than eighty years it will affect the salability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this would cost. For most Whickhamlease extensions you will need to own the residence for a couple of years in order to be entitled to exercise a lease extension.