I had intended to instruct a property lawyer in Seaham for our home move. Our financial adviser has since advised us that our mortgage lenders Virgin Money won't deal with them. Surely this is unfair competition?
A lender may require an approved conveyancer act for it. Borrowers are liable to bear the charges for this. Do use our database to get a quote from a solicitor to conduct conveyancing in Seaham on the Virgin Money member panel.
Are there restrictive covenants that are commonly identified during conveyancing in Seaham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Seaham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a flat up to £245,000 and found one near me in Seaham I like with amenity areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Seaham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to 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 about this.
I was recommended by a few property agents in Seaham to locate a conveyancer on your site. Is there a financial advantage for Estate Agents to promote your lawyers over and above another?
We refuse to offer any referral fee for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Can you offer any advice when it comes to finding a Seaham conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Seaham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Seaham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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What are the legal fees for lease extension conveyancing? How familiar is the practice with lease extension legislation?
I acquired a 1 bedroom flat in Seaham, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Seaham with over 90 years remaining are worth £211,000. The ground rent is £45 yearly. The lease ends on 21st October 2092
With 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
We had our home loan agreed in principle last Friday with our lender. We appointed a high street conveyancer in Seaham yesterday. A couple of hours ago, our financial adviser phoned to advise us that the lender said that we cannot use our solicitor as they aren't on their panel. As FTB's, we had no idea that the bank had some control over our choice Is this usual?
You are permitted to select any property lawyer you prefer to select including the said conveyancer in Seaham nevertheless if your lender aren't happy with them you will have to pay additional cost so the bank can appoint their own lawyers. sometimes it is conceivable that your preferred conveyancing firm to get added to the bank list of approved firms. You can use web-based tools including lenderpanel.com to find a conveyancing solcitor in Seaham on the lender panel. You can go into your high street bank branch in Seaham. They can recommend conveyancing solicitors in Seaham on the mortgage company panel.