I am getting a offer of a home loan from Santander. I hope to instruct a Licensed Conveyancer in Longbenton. Does the Santander Conveyancing panel exclude Licensed Conveyancers?
The Santander approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Do I need to attend the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Longbenton so that I can pop in to their offices when needed.
As opposed to twenty years ago, most lenders no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to provide identification documents and there are still distinct benefits to instructing a local ayer, in your case a conveyancing solicitor in Longbenton.
Will commercial conveyancing searches reveal impending roadworks that may affect a commercial site in Longbenton?
Many commercial conveyancing solicitors in Longbenton will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Longbenton. The report provides definitive data 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 Longbenton.
For every commercial conveyancing transaction in Longbenton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Longbenton commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Longbenton.
Due to the guidance of my in-laws I had a survey completed on a property in Longbenton before appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some banks will refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Longbenton. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm converting the mortgage on my current house to a buy to let mortgage with Virgin Money and I will use the ballance of the raised equity towards another property. The area we are looking at is Longbenton. Will your lawyers be able to act for both sets of banks and link together the transactions?
Do use our search tool on this site to ensure that the lawyers are approved by both lenders. On the basis that they are your solicitor should be able to connect the two deals but you should have a chat with you conveyancer and specify your expectations and requirements.
I am looking at a couple of apartments in Longbenton both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Longbenton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. 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 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 property 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 Longbenton 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 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.
I acquired a ground floor flat in Longbenton, conveyancing formalities finalised September 2002. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Longbenton with a long lease are worth £176,000. The ground rent is £50 per annum. The lease runs out on 21st October 2105
You have 80 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.