What happens if my lawyer’s firm is suspended from the Skipton Conveyancing panel ahead of completing my conveyancing in Billingham?
First, this is very unlikely to happen. 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 at a cost.
Do I need to pay for insurance to address the risk of chancel repairs when purchasing a house in Billingham?
Unless a prior purchase of the house took place after 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Billingham to continue to advocate a chancel search and or chancel repair liability policy.
It has been 2 months since my purchase conveyancing in Billingham completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Billingham with a mortgage from Virgin Money. The sellers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about this deal as it would put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a reputable estate agent office in Billingham where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Billingham conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
I am the registered owner of a 2 bed flat in Billingham, conveyancing having been completed June 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Billingham with a long lease are worth £191,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I have been told by many estate agents to expect six to eight weeks for Billingham conveyancing to complete.This was 3 ago. The draft contract was only forwarded from the vendors solicitor a couple of days ago so now does it countdown?
Don't bank on moving on a set date until contracts are exchanged. Regardless of the assurances the people you are acquiring from or selling to make, or your solicitor provides don't bank on them. More frustration is caused to buyers and sellers by unfulfilled promises than any other factor when it comes to conveyancing in Billingham.