My partner and I are planning to purchase a property in Allendale and have instructed a Allendale conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Skipton Building Society have this evening contacted us to advise us that there is now an issue as our Allendale conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent 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 Quality Scheme. Your solicitor 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Allendale lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We were just about to exchange contracts for a semi detached house in Allendale. We encountered a stumbling block. Our mortgage offer with TSB runs out on 9/9/2019 but the owners are suggesting a completion date of 11/9/2019. Is it possible to prolong the loan offer?
The best person to deal with your issue is your solicitors who will assess whether he or she is corresponding with the bank, seller’s representatives, selling agents or possibly all parties based on the history of your house move as of today.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Allendale is where the house is located. Can you offer any guidance?
Flying freeholds in Allendale are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Allendale you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Allendale may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am attracted to a two maisonettes in Allendale which have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Allendale is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Allendale conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a leasehold flat in Allendale, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Allendale with a long lease are worth £216,000. The ground rent is £50 per annum. The lease runs out on 21st October 2087
With 68 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
How much experience do your Allendale conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Allendale conveyancing lawyers help thousands of people move home every year and assisted plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Allendale conveyancers have worked on recent similar cases.