Me and my fiance are purchasing a 1 bedroom apartment in Stockton on Tees with a mortgage. We like our Stockton on Tees lawyer, but the bank says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Stockton on Tees conveyancer as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; can we not require that the mortgage company use our Stockton on Tees solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Stockton on Tees conveyancing solicitor to apply to be on the conveyancing panel.
We have rather assertive vendors who has insisted on a exclusivity contract with a down payment 10k. Are such arrangements promoted for Stockton on Tees conveyancing transactions?
This form of contract is unusual in Stockton on Tees, conveyancers are often inclined to direct clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the proprietor has entered into a lock out contract they will sell to you. They may be inclined to break the agreement if they receive a big enough incentive to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and these may not equate the extra amount that your vendor may secure by reneging on the agreement, no matter how morally unworthy the behaviour is.
It has been five months following my purchase conveyancing in Stockton on Tees concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey completed on a house in Stockton on Tees in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend not give a loan on such a home.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stockton on Tees. Conveyancing may be slightly more expensive based on your lender's requirements.
I am downsizing from my home. My previous conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Stockton on Tees if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Stockton on Tees. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I am a negotiator for a reputable estate agent office in Stockton on Tees where we see a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Stockton on Tees conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Leasehold Conveyancing in Stockton on Tees - Examples of Queries before buying
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Many Stockton on Tees leasehold apartments will incur a service charge for the upkeep of the building invoiced by the freeholder. Should you acquire the apartment you will have to pay this amount, usually quarterly during the year. This may vary from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay yearly, normally this is not a significant figure, say around £50-£100 but you need to check as on occasion it could be prohibitively expensive. Who manages the building? What restrictions exist in the Stockton on Tees Lease?