My husband and I are hoping to acquire a flat in Sedgefield and have instructed a Sedgefield conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays Direct have this evening contacted us to inform me that there is now an issue as our Sedgefield solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Sedgefield solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
How can we know in advance if a Sedgefield conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Sedgefield obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your conveyancing.
We have agreed to purchase a house in Sedgefield. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Kent Reliance where a lease does not satisfy these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Sedgefield.
UBS have agreed my home loan in principle, my offer on a flat in Sedgefield has been accepted, what happens next?
Your estate agent will need to be informed of your property lawyer's details (be sure the conveyancing practitioners are on the bank’s approved list). Telephone UBS or the financial adviser and finish off any appropriate documentation. UBS will sellect a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. UBS will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Sedgefield.
How does conveyancing in Sedgefield differ for newly converted properties?
Most buyers of new build premises in Sedgefield approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Sedgefield 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 conveyancers 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 Sedgefield or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Sedgefield I like with amenity areas and railway links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Sedgefield in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Having had my offer accepted I require leasehold conveyancing in Sedgefield. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Sedgefield - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a basement flat in Sedgefield, conveyancing formalities finalised in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Sedgefield with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2096
With just 71 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
We are in the midst of selling our flat in Sedgefield. Conveyancing solicitors are doing their job but we have been asked to pay a fortune by the managing agents. So far we have forked out £268 for a leasehold management pack and then a further £200 plus VAT for supplemental queries raised by the purchaser's solicitor.
Your conveyancing practitioner will unlikely have any say over the level of the fee for this information however the average fee for the information for Sedgefield leasehold premises is £350. When it comes to Sedgefield conveyancing sales it is usual for the seller to pay for these charges. The freeholder or their agents are not duty bound to address these questions most will agree to do so - albeit often at high prices disproportionate to the work involved. Unfortunately there is no legislation that mandates fixed fees for administrative tasks. Neither is there any set time limit by which they are required to supply answers.