Unfortunately I am unable to travel far from Somersham. Is there a reason why all Somersham conveyancing practitioners are not on all mortgage company panels?
Before the recession most mortgage companies demonstrated an approach to risk which is different than today. The financial regulator in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. As a result, mortgage companies have since looked to extract more data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of volume of transactions the mortgage companies insisted on.
I am buying a property and need a conveyancing solicitor in Somersham who is on the HSBC Bank solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for HSBC Bank in certain locations such as Somersham. We dont recommend any particular firm.
I am helping my sister sell her house in Somersham. Will the conveyancing solicitor order an EPC or it is for the owner to see to?
Following the abolition of HIPs, energy assessments was retained a compulsory part of selling a property. An energy performance certificate needs to be to hand prior to the property being advertised. This is not as aspect of the sale process that conveyancers ordinarily organise. If you are using a Somersham conveyancing practitioner they might be able to arrange energy performance certificates due to their contacts with long established Somersham accredited person
I am purchasing a terrace house in Somersham. The intention is to an extension at the rear at the house.Will legal work on the property include checks to ascertain if these alterations were previously refused?
Your solicitor should check the deeds as conveyancing in Somersham can on occasion identify restrictions in the title documents which prohibit categories of changes or necessitated the permission of another owner. Certain extensions call for local authority planning permissions and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I am currently in the process of buying my council flat in Somersham. I have a mortgage agreed with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I am planning on selling our house in Somersham and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a nationwide conveyancing outfit rather than a conveyancing solicitor in Somersham. We have lived in Somersham for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing solicitor already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Somersham I like with a park and station nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Somersham for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am a negotiator for a long established estate agency in Somersham where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Somersham conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a split level flat in Somersham, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Somersham with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2097
With just 73 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.