I am considering applying for a RBS mortgage for purchase of a new build (under development) in Bridlington with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How does conveyancing in Bridlington differ for new build properties?
Most buyers of new build property in Bridlington come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Bridlington typically 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 conveyancing solicitors 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 Bridlington or who has acted in the same development.
I have been recommended by numerous property agents in Bridlington to select a conveyancer on your site. What’s the financial upside for Estate Agents to offer your services over and above alternative conveyancing organisations?
We don’t make any commission for directing people in our direction. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
In my capacity as executor for the estate of my uncle I am selling a house in Cardiff but live in Bridlington. My lawyer (approximately 200 kilometers awayneeds me to sign a stat dec before completion. Could you suggest a conveyancing practitioner in Bridlington to attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Bridlington
I am looking at a couple of apartments in Bridlington which have about forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Bridlington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 residence 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 Bridlington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Leasehold Conveyancing in Bridlington - Examples of Questions you should ask before buying
-
Make sure you discover if there are any onerous restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Bridlington. If you like the apartmentin Bridlington yet your dog can’t live with you then you will be faced hard choice. Who takes charge for maintaining and repairing the block? Most Bridlington leasehold properties will incur a service charge for maintenance of the block levied on behalf of the landlord. If you purchase the property you will have to meet this amount, usually periodically accross the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, this is usually not a large amount, say about £25-£75 but you should to enquire it because sometimes it can be prohibitively expensive.
Online research suggests that Bridlington solicitors are more expensive than Bridlington conveyancers in Bridlington when it comes to purchasing a property. So is it better if I use a conveyancer or a solicitor where I am purchasing a house in Bridlington.
When it comes to conveyancing in Bridlington the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.