We intend to purchase a purpose built apartment in County Durham with a homeloan from .We use our County Durham conveyancing solicitor but says her practice is not on their approved list of member firms. It seems we have no choice but to instruct a panel lawyer or retain our preferred solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, one of which will be that conveyancers will be on the solicitor panel. in the past, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for
Will our lawyer be asking questions concerning flooding during the conveyancing in County Durham.
Flooding is a growing risk for solicitors dealing with homes in County Durham. There are those who acquire a house in County Durham, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a various checks that can be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in County Durham. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to discover whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a purchaser may commence a compensation claim resulting from an incorrect answer. A purchaser’s conveyancers should also order an enviro report. This will indicate whether there is a recorded flood risk. If so, further investigations should be made.
How does conveyancing in County Durham differ for newly converted properties?
Most buyers of new build premises in County Durham come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in County Durham tend to purchase 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 conveyancers 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 County Durham or who has acted in the same development.
How does the Landlord & Tenant Act 1954 affect my commercial premises in County Durham and how can your lawyers assist?
The 1954 Act provides security of tenure to business lessees, giving them the right to make a request to court for a renewal lease and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. County Durham is one of our numerous locations in which our lawyers are located
I am tempted by the attractive purchase price for a couple of flats in County Durham which have about forty five years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in County Durham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 a property 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 County Durham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 inherited a ground floor flat in County Durham, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in County Durham with an extended lease are worth £165,000. The ground rent is £45 yearly. The lease runs out on 21st October 50
With 50 years unexpired the likely cost is going to range between £36,100 and £41,800 as well as costs.
The suggested premium range 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 comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.