My husband and I are planning to acquire a 2 bedroom flat in Peterlee with a mortgage. We have a Peterlee solicitor, but the mortgage company advise she’s not on their "panel". It seems we have no choice but to instruct one of the bank panel conveyancing practices or keep our Peterlee property lawyer as well as pay for one of their panel firms to act for them. We regard this is unjust; are we not able to insist that the lender use our Peterlee conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Peterlee conveyancing lawyer to apply to be on the conveyancing panel.
My lawyer has uncovered a defect with the lease for the flat we are purchasing in Peterlee. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
We see that you have a search directory listing solicitors on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Peterlee?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Peterlee.
My partner has suggested that I use his conveyancers in Peterlee. Should I use them?
No doubt the ideal way to select a conveyancing solicitor is to get referrals from friends or family who have actually previously instructed the firm that you are are thinking of instructing.
Back In 2000, I bought a leasehold flat in Peterlee. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Peterlee who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Peterlee conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a 1 bedroom flat in Peterlee, conveyancing having been completed in 2010. How much will my lease extension cost? Equivalent properties in Peterlee with a long lease are worth £201,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2088
You have 64 years left to run we estimate the premium for your lease extension to be between £14,300 and £16,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Peterlee. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Peterlee are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Peterlee in which case you should be shopping around for a Peterlee conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.