I am expecting a mortgage offer from Lloyds. I hope to enlist the help of a Licensed Conveyancer in Seahouses. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Various online forums that I have visited warn that are the main reason for obstruction in Seahouses house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Seahouses.
How does conveyancing in Seahouses differ for newly converted properties?
Most buyers of new build residence in Seahouses approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because builders in Seahouses 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 property lawyers 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 Seahouses or who has acted in the same development.
My step-father has urged me to instruct his lawyers for conveyancing in Seahouses. Do I follow his advice?
Much as we are happy to recommend a Seahouses conveyancing lawyer the best way to find a conveyancing solicitor is to have recommendations from friends or relatives who have actually used the conveyancer you're considering.
Last September I purchased a leasehold flat in Seahouses. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1 bedroom flat in Seahouses, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Similar properties in Seahouses with a long lease are worth £191,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2079
You have 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" 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 without more detailed due diligence. 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 taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just found out 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 Seahouses. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Seahouses 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. It is clear that you are buying in Seahouses so you should seriously consider looking for a Seahouses conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.