Me and my partner are purchasing a 1 bedroom flat in Sidmouth with a mortgage. We like our Sidmouth lawyer, but the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Sidmouth conveyancing practitioner as well as pay for one of their panel ones to act for them. We consider that this is inequitable; can we not insist that the mortgage company use our Sidmouth solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Sidmouth conveyancing lawyer to apply to be on the conveyancing panel.
AssumingI were to purchase a simple residential homein Sidmouth for cash and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Sidmouth?
The only reduction in fees you would achieve is the costs for searches. Your property lawyer is required to do the vast majority of work - money laundering, correspond with your sellers lawyer, SDLT submission, register the ownership etc. You might save a bit for them not having to register a charge however it will not be significant.
Due to the encouragement of my in-laws I had a survey completed on a property in Sidmouth in advance of retaining lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders tend refuse to grant a loan on this type of house.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sidmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sidmouth to see if the conveyancing costs will increase in light of this.
I am downsizing from my property. My past lawyers have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in Sidmouth if that makes things easier.
You should use our search tool to help you choose a solicitor for your conveyancing in Sidmouth. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
My brother has recommend that I appoint his conveyancers in Sidmouth. Should I find my own conveyancer?
Much as we are happy to recommend a Sidmouth conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to have guidance from friends or family who have actually experience in using the solicitor that you are are thinking of instructing.
I am tempted by the attractive purchase price for a couple of apartments in Sidmouth which have in the region of fifty years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Sidmouth is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 a property 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 Sidmouth 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Sidmouth Leasehold Conveyancing - Examples of Queries Prior to buying
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Its a good idea to discover as much as possible regarding the managing agents as they can either make life much easier or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. Enquire of other people if they are happy with their service. Finally, be sure you understand the dates that the maintenance charges are due to the relevant party and precisely what you get for your money. The majority of Sidmouth leasehold properties will have a service bill for the upkeep of the block invoiced by the landlord. Where you buy the apartment you will have to meet this charge, normally in instalments during the year. This could vary from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a rentcharge for you to pay yearly, this is usually not a significant figure, say around £50-£100 but you need to check as on occasion it could be many hundreds of pounds. The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the lessees benefit from control and even though a managing agent is usually employed where the building is larger than a house conversion, the managing agent employed by the leaseholders.