We are buying a 3 bedroom flat in Seascale with a mortgage. We have a Seascale solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel firms or retain our Seascale conveyancer and pay for one of their panel firms to represent them. We feel that this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Seascale conveyancing lawyer to apply to be on the conveyancing panel.
We are buying a flat and need a conveyancing solicitor in Seascale who is on the Santander approved panel. 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 be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Seascale.
How does conveyancing in Seascale differ for new build properties?
Most buyers of new build or newly converted property in Seascale contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Seascale usually buy the site, 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 Seascale or who has acted in the same development.
Is it best to go with a Seascale conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can conduct the legal work but his firm is located 400kilometers drive away.
The benefit of a local Seascale conveyancing firm is that you can attend the office to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Seascale know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should surpass using an unfamiliar Seascale conveyancing solicitor just because they are Seascale based.
I am attracted to a couple of apartments in Seascale which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Seascale is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Seascale conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Seascale Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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It is important to be aware if window replacement or some other major work is due in the foreseeable future to be shared amongst the leasehold owners and may well dramatically impact the level of the service charges or require a specific invoice. It would be sensible to find out if the the lease contains any onerous restrictions in the lease. For example it is fairly common in Seascale leases that pets are not permitted in in a block in Seascale. If you love the flatin Seascale but your cat can’t live with you then you will be presented with a hard determination. Are any of leasehold owners in arrears of their service charge payments?
My partner and I have an offer in principle from Virgin Money who have advised we could borrow up to £400k. When do I need to instruct a practitioner for conveyancing? Seascale is where we plan to move to.
You can appoint a conveyancing practitioner now so that the property lawyer can open the ledger so they can conduct their ID checks etc. If and when you wish them to commence work you will be asked for a payment on account usually about £175. That should normally be once you have the mortgage offer and survey back, but should you wish to expedite matters you can start sooner even though you may be risking some expense.