I am 3 weeks into the sale of my home in Cullercoats and the EA has just telephoned to warn that the purchasers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Cullercoats ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I have given 2 months notice to my current landlord and must vacate my let out apartment in Cullercoats by the end of next month. Conveyancing for my house purchase is underway. Can I complete in 5 weeks as don't want to have to find temporary accommodation?
Generally one should not provide notice on a rental until you have exchanged. Assuming that you have not previously done so, contact to your conveyancer and request that they seek the assistance the other lawyers, try to get a realistic time scale from them that everyone will aim towards
Just acquired a detached house in Cullercoats , What is the estimated time for the Land Registry to record the transfer to my name? My Cullercoats conveyancing solicitor works at snail pace, so I want to be certain the registration is dealt with.
There is nothing unique about conveyancing in Cullercoats registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry need to notify any 3rd parties. As of today roughly three quarters of submission are completed within 12 days but occasionally there can be longer hold-ups. Historically registration occurs after the purchaser is living at the premises therefore post completion formalities is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I decided to have a survey done on a property in Cullercoats before retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks will not grant a loan on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cullercoats. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Cullercoats and I am already nervous. I couldn't find anything specific about Cullercoats. Conveyancing will be needed in due course but do you know about the Cullercoats area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cullercoats. In the meantime here are some basic statistics that we found
I am tempted by the attractive purchase price for a couple of apartments in Cullercoats which have approximately 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Cullercoats 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 purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Cullercoats conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 Cullercoats - A selection of Queries Prior to Purchasing
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It is important to be aware whether redecorating or some other major work is coming up to be shared between the leaseholders and will dramatically impact the level of the maintenance fees or necessitate a specific payment. Does the lease have onerous restrictions? How much is the ground rent and service charge?