Having sold my house in Thornaby last August yet the purchaser is Skype messaging daily complaining that her solicitor is waiting to hear from mine. What should my lawyer have done now that I have sold?
After completion of your sale your conveyancer should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor should also confirm that the mortgage has been paid off to the purchasers conveyancers. There is unlikely to be post completion procedures specific conveyancing in Thornaby.
The Thornaby conveyancing lawyers that just started acting on my house acquisition in Thornaby have suddenly shut down. I only went with them because I needed a firm on the Leeds Building Society conveyancing panel and my family Thornaby lawyer was not. I cut them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I have been told that property searches are the number one cause of hinderance in Thornaby house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Thornaby.
I'm purchasing a new build house in Thornaby benefiting from help to buy. The developers would not reduce the price so I negotiated £7000 of extras instead. The property agent advised me not to tell my conveyancer about this deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a property in Thornaby ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies may not issue a loan on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Thornaby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Thornaby to see if the conveyancing costs will increase in light of this.
I am employed by a reputable estate agency in Thornaby where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Thornaby conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
Thornaby Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
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If a Thornaby lease has fewer than eighty years it will affect the salability of the apartment. Check with your lender that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you would need to own the premises for 24 months before you are legally able to extend the lease. Does the lease have more than 80 years unexpired?