My fiance and I are intent on purchasing a maisonette in Billingham. My Conveyancer is not on the mortgage company approved panel. Am I still permitted to appoint my Billingham conveyancing solicitor even though they are not on the lender panel?
You have numerous choices open to you here
- Proceed with your preferred Billingham solicitor but your lender will no doubt instruct a conveyancing practitioner on their approved list. This will result in additional charges together with probable interruption.
- Appoint a fresh property lawyer to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the mortgage company panel
Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Billingham?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will commercial conveyancing searches reveal planned roadworks that could affect a commercial estate in Billingham?
Its becoming the norm that commercial conveyancing solicitors in Billingham will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Billingham. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Billingham.
For each commercial conveyancing transaction in Billingham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Billingham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Billingham.
How does conveyancing in Billingham differ for new build properties?
Most buyers of new build or newly converted property in Billingham contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Billingham tend to acquire 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 accustomed to new build conveyancing in Billingham or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Billingham I like with a park and station in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Billingham in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I was pointed in your direction by three or four local estate agents in Billingham to find a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to recommend your services rather than another?
We refuse to make any commission for sending work in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.