Me and my fiance are buying a ground floor flat in Alnwick. My lawyer is not listed on the lender approved panel. Can I still continue with my Alnwick conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
One must have a conveyancer to complete the legal work required when you take out a loan to purchase your property. The solicitor will carry out all the necessary investigations on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is in order. You could instruct a Alnwick conveyancing practitioner of your choosing. Nevertheless, if the lawyer appointed is not on the lender approved list further fees will be levied as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your conveyancer has not historically sought membership they can do so.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Alnwick?
You should check but the chances are that give you one of their panel solicitors should you accept the "fee-free" deal. Contact the mortgage company to check if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Alnwick.
A relative recommended that if I am buying in Alnwick I should carry out 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 Alnwick conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Alnwick around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Alnwick Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Alnwick Education with plans and statistics, Local Amenities and other useful information concerning Alnwick.
How does conveyancing in Alnwick differ for newly converted properties?
Most buyers of new build premises in Alnwick come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because builders in Alnwick typically purchase 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 property lawyers 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 Alnwick or who has acted in the same development.
I am employed by a long established estate agent office in Alnwick where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Alnwick conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 inherited a basement flat in Alnwick, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Alnwick with a long lease are worth £197,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2080
With 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
There are a lot of properties in Alnwick on private lanes. My husband and I are acquiring such a house. Are there any benefits to buying a house on a private road?
Alnwick conveyancing firms are familiar with transacting houseson private. The lawyer will review the Land Registry data to find any rights or liabilities. In many cases there is a management company (wholly owned by residents) that proprietors pay into for the upkeep of the road. Where there is one, the road will likely be maintained and look better than council adopted.