Much to our surprise we have been informed by our estate agent that my Seaham property lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to call your Seaham lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they may be able to suggest a Seaham conveyancing practice that is on the conveyancing panel for your mortgage company.
I sincerely hope you can help me. My Seaham lawyer is informing me me that he has toconduct Seaham conveyancing searches asthe firm are on the Lloydsconveyancing panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Seaham conveyancing searches.
I am looking to buy a flat and need a conveyancing solicitor in Seaham who is on the Norwich and Peterborough Building Society solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Norwich and Peterborough Building Society in certain locations such as Seaham. We dont recommend any particular firm.
I have been on the look out for a flat up to £305k and found one close by in Seaham I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Seaham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Hoping to buy a property located in Seaham and I am already nervous. I couldn't find anything specific about Seaham. Conveyancing will be needed in due course but do you know about the Seaham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Seaham. In the meantime here are some basic statistics that we found
Last September I purchased a leasehold property in Seaham. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Seaham, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Seaham with a long lease are worth £216,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2092
With just 69 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 without first seeking the advice of a professional.