We are purchasing a flat and need a conveyancing solicitor in Durham who is on the Coventry BS approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Coventry BS . We don't recommend any particular firms conducting conveyancing in Durham.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Durham. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/1/2021, the requirements read as follows :
Are there restrictive covenants that are commonly picked up during conveyancing in Durham?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Durham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Durham differ for new build properties?
Most buyers of new build property in Durham approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Durham tend to buy 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 conveyancers 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 Durham or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Durham I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Durham for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
What advice can you give us when it comes to choosing a Durham conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Durham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Durham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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How experienced is the firm with lease extension legislation?
I acquired a ground floor flat in Durham, conveyancing having been completed May 2010. Can you work out an approximate cost of a lease extension? Equivalent flats in Durham with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2092
You have 71 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.