I am obtaining a mortgage with Lloyds. My intention is to use a Licensed Conveyancer in Penshaw. Does the Lloyds Solicitor panel include Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am the registered owner of a freehold house in Penshaw but still pay rent, why is this and what is this?
It is rare for properties in Penshaw and has limited impact for conveyancing in Penshaw but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
How does conveyancing in Penshaw differ for newly converted properties?
Most buyers of new build property in Penshaw approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Penshaw typically buy the real estate, 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 Penshaw or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Penshaw I like with a park and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Penshaw in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm refinancing my current property to a buy to let mortgage with Birmingham Midshires and intend to use the remaining equity as a deposit on another house. The neighborhood we are interested in is Penshaw. Will your conveyancers be able to act for the two lenders and link together the conveyances?
Do use our search tool on this page to be sure that the lawyers are on the appropriate lender panels. Assuming that they are the solicitor should be able to connect the two deals but you should have a chat with you conveyancer and communicate your expectations and requirements.
Been on the hunt for a lawyer for freehold sale conveyancing in Penshaw. We are selling, simple no mortgage to pay off, no rush, no onward purchase. Got an estimate from a lawyer for £800 excluding VAT which is a little expensive given that its so straightforward. Can I pay less for conveyancing in Penshaw?
Given that it’s a sale only, £425 + VAT should be about the lowest for a Penshaw solicitor firm.