I am 4 weeks into the sale of my flat in Billingham and the EA has just e-mailed to advise that the purchasers are switching law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Billingham ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
Can the conveyancing practitioners identified through your search tool conduct auction conveyancing in Billingham?
We know of a few niche solicitors we can put you in touch with those who can conduct auction conveyancing. Billingham is just one of our locations where our lawyers are based.
The deeds to our home can not be found. The conveyancers who dealt with the conveyancing in Billingham 4 years ago are no longer around. What are my options?
These day there are duplicates made of almost everything, and your solicitor will know exactly where to locate all the appropriate documentation so you may buy or dispose of your house without any difficulty. If copies are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities against future claims on the property.
I am buying a new build flat in Billingham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Billingham
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have been on the look out for a ground for flat up to £305k and found one near me in Billingham I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Billingham for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
How and when do I incur stamp duty chargeable for my purchase in Billingham?
Most property lawyers tend to complete a Land Transaction Return Form on your behalf during your Billingham conveyancing transaction for you to sign. After completion your conveyancing practitioner will submit the Land Transaction Return Form to the Tax Authorities and - assuming they have the funds - settle any Stamp Duty liability for you.