I am nearing exchange of contracts for my ground floor flat in Durham and the EA has just e-mailed to advise that the buyers are swapping conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Durham ?
Mortgage companies have always had panels of law firms that can represent them, but in recent 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 over 25 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been stiffened 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 being contacted daily by practices 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 impact on this.
I am buying a property and need a conveyancing solicitor in Durham who is on the The Mortgage Works approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Durham. We dont recommend any particular firm.
It has been three months following my purchase conveyancing in Durham concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking to sell my property. My previous conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Durham if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Durham. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I am using a search engine for the term on line conveyancing in Durham it brings up numerous conveyancersin the vicinity. How do I determine which is the suitable conveyancer for my move?
The ideal way of finding the right conveyancer is through a trusted testimonial, so seek the opinion of colleagues and family who have bought a property in Durham or the reputable estate agent or financial adviser. Fees for conveyancing in Durham differ, so it's a good idea to obtain at least four costs illustrations from varying types of conveyancers. Make sure that you know that the fees are fixed.
Can you provide any top tips for leasehold conveyancing in Durham with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Durham can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. If you hold a share in a the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and delays many a Durham home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. A minority of Durham leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Durham state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Where you dont have the consents to hand do not contact the landlord without contacting your solicitor before hand. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
Durham Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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How much is the ground rent and service charge? The prefered form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this situation the lessees have being in charge if their destiny and although a managing agent is often employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Many Durham leasehold apartments will incur a service charge for maintenance of the building set by the landlord. If you buy the apartment you will have to pay this contribution, usually quarterly accross the year. This may differ from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, this is usually not a large sum, say about £50-£100 but you need to enquire it because on occasion it could be prohibitively expensive.