I can't travel far from Barnard Castle. I would like to know the reason why all Barnard Castle property lawyers are not on all lender panels?
Mortgage Companies tend to impose restrictions on either the type or volume of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that a firm is required to have at least two partners. As well as restricting the type of firm, some banks made a decision to limit the number of organisations they use to represent them. It is worth noting that building societies have no liability for the standard of advice supplied by any Barnard Castle property lawyer on their approved list. Property fraud was a key driver in the culling of conveyancing panels in the last decade even though there are differing assessments concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicates that thousands of law practices only carry out one or two conveyances annually. Those advocating conveyancing panel culls question why law firms should have claim to be listed on a lender panel when clearly property law is not their primary expertise?
How does conveyancing in Barnard Castle differ for new build properties?
Most buyers of new build residence in Barnard Castle come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Barnard Castle typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Barnard Castle or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Barnard Castle in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Barnard Castle. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Barnard Castle to see if the conveyancing will be more expensive.
I was recommended by a few estate agents in Barnard Castle to select a property lawyer on your site. What’s the financial upside for Estate Agents to market your services over alternative conveyancing organisations?
We don’t offer any referral fee for directing people our way. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a reputable estate agent office in Barnard Castle where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Barnard Castle conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
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. This means that the proposed purchaser can avoid having 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 at the same time as completion of the sale.
Alternatively, it may be possible 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.
Barnard Castle Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
Generally speaking the outlay for major works are not included within service charges, although some managing agents in Barnard Castle require leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for larger works. This information is important as a) areas may result in problems for the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leaseholders have an issue with the running of the building you will want to have complete disclosure