I am in the process of selling my ground floor flat in Hebburn and the EA has just called to advise that the buyers are appointing a new property lawyer. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Hebburn ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
My wife and I are purchasing a newly constructed flat in Hebburn and my conveyancer is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. 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 your site be used to locate a Conveyancing solicitor in Hebburn even if I’m not purchasing or selling a house, for example where I want to acquire an office in Hebburn with a mortgage from HSBC Bank?
The service is primarily utilised to get a quote from domestic conveyancing solicitors in Hebburn but we have listed at the end of this page a few Hebburn commercial conveyancing firms. You will need to enquire with the solicitors directly to see if they are also authorised to represent HSBC Bank
I have been told that property searches are the primary cause of stalling in Hebburn house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Hebburn.
What makes your site different to other internet conveyancing solicitors for conveyancing in Hebburn?
At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Hebburn. As opposed to estate agents and brokerage sites we do not operate commission deals with solicitors. Many agents and online brokers 'recommend' solicitors who pay the highest kickback, rather than the best value conveyancing in Hebburn
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Hebburn. I am keen to get lease extension but my freeholder is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases a specialist should be helpful to conduct investigations and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Hebburn.
I am the registered owner of a 2 bed flat in Hebburn, conveyancing formalities finalised in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Hebburn with an extended lease are worth £255,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2099
You have 73 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.