We see that you have a search directory identifying firms on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Somersham?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Somersham.
I am buying a right to buy a flat in Somersham. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Somersham you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Somersham.
A friend recommended that where I am purchasing in Somersham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Somersham conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Somersham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Somersham Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Somersham Education with plans and statistics, Local Amenities and other useful information regarding Somersham.
I'm remortgaging my existing home to a BTL loan with Accord Mortgages Ltd and intend to use the remaining equity as a deposit on a second property. The neighborhood we are talking about is Somersham. Will your solicitors be able to act for the two banks and link together the two deals?
Do use our comparison tool on this page to check that the solicitors are on the appropriate lender panels. Assuming that they are the solicitor should be able to connect the two conveyancing matters but you should have a chat with you solicitor and communicate your expectations and requirements.
I am a negotiator for a reputable estate agent office in Somersham where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Somersham conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I purchased a ground floor flat in Somersham, conveyancing having been completed August 2012. 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? Corresponding properties in Somersham with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2075
With 54 years left to run the likely cost is going to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do 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 clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
My nephew is just in the process of moving home, the home loan was agreed last week in principle. After the seller agreed the offer on the flat we called the building society to go forward with his. I was shocked to discover that mortgage companies do not accept all solicitor, they have to be on a list, is this legal?
Lenders normally restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Somersham lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.