I am selling my maisonette in Seaham and the estate agent has just telephoned to say that the buyers are appointing a new solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Seaham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened 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. The buyers are not going to have any sway in the decision.
How does conveyancing in Seaham differ for new build properties?
Most buyers of new build or newly converted property in Seaham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Seaham typically purchase 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 used to new build conveyancing in Seaham or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Seaham prior to appointing lawyers. I have been told that there is a flying freehold element to the property. The surveyor has said that some lenders may refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Seaham. Conveyancing will be smoother if you use a solicitor in Seaham especially if they are accustomed to such properties in Seaham.
In what way can the Landlord & Tenant Act 1954 affect my business property in Seaham and how can your lawyers assist?
The particular law that you refer to provides security of tenure to commercial tenants, giving them the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Seaham is one of the hundreds of areas of the UK in which the firms we work with have offices
I am tempted by the attractive purchase price for a two maisonettes in Seaham which have about forty five years left on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Seaham - Sample of Queries before Purchasing
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It is important to be aware whether changing the roof or some other major work is due shortly that will be shared amongst the leaseholders and may well materially impact the level of the maintenance costs or necessitate a one time invoice. How long is the Lease? The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this scenario the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is usually employed where it is larger than a house conversion, the managing agent is directed by the tenants.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Seaham. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Seaham ?
Most houses in Seaham are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Seaham in which case you should be looking for a Seaham conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.