My Longbenton solicitor has identified a discrepancy when comparing the information in the home valuation survey and what is in the conveyancing documents. My solicitor says that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would prefer to appoint a Longbenton based conveyancing firm?
Do check but the chances are that allocate you one of their panel conveyancers where you take up the "fee-free" incentive. Contact the lender to check if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Longbenton.
I just acquired a house at auction in Longbenton. Conveyancing is necessary. What happens now?
Now that you are exchanged you should choose a conveyancing lawyer as a matter of urgency as you are faced with a fast approaching a fixed date to complete the purchase. Every auction property will have a bespoke auction pack. This will include evidence of title and search results. In the case of leasehold premises the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to pass this on to the conveyancer working for you as soon as possible. Do make sure that you have funds in place to complete the transaction on the set completion date.
is it true that all Longbenton solicitor practices on the Santander conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I am currently in the process of buying my council flat in Longbenton. I have a mortgage agreed with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
How does conveyancing in Longbenton differ for new build properties?
Most buyers of new build residence in Longbenton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Longbenton tend to buy the land, 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 used to new build conveyancing in Longbenton or who has acted in the same development.
I am a sole trader intending to take over a lease of an office on a shopping parade. Can you recommend conveyancers offering no-sale-no fees for commercial conveyancing in Longbenton for under 1500k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Longbenton, including the disposal and purchase of businesses as well as simply property. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail premises or a whole business we will find you the right firm. As for the charges these will vary based on the structure and terms of the proposed transaction. Let us have your details or telephone us so that we may provide you with comprehensive commercial conveyancing quote.
I am a negotiator for a long established estate agency in Longbenton where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Longbenton conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a ground floor flat in Longbenton, conveyancing was carried out June 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Longbenton with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2081
With just 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.