Me and my partner are soon to complete buying a property in County Durham but as a result of wreckage from the recent storms I have was able negotiate recompense from the owner of £2k by way of a deduction in the price. This was going to be dealt with as part of a side agreement however Lloyds will not agree to this. Why were they informed?
Any conveyancing practitioner being on a Lloyds conveyancing panel is required to disclose to Lloyds of any changes to the sale price. If you were to refuse your lawyer to notify the price change to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancer for your conveyancing in County Durham.
I just acquired a house at auction in County Durham. Conveyancing is necessary. What is next?
Given that you have now exchanged you must instruct a conveyancing practitioner quickly as you will have a tight a fixed date to complete the transaction. All auction property will have a corresponding auction set of papers. This should include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should pass this on to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that your finances are in place to complete on the date specified in the contract.
Can I be sure that the County Durham conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in County Durham seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your conveyancing.
We are getting the release of further funds on our mortgage from Barclays as we wish to carry out renovations to our home in County Durham. Are we obliged to select a high street County Durham solicitor on the Barclays conveyancing panel to handle the paperwork?
Barclays would not normally instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in County Durham I like with open areas and railway links nearby, however it's only got 61 years unexpired on the lease. There is not much else in County Durham suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Should I appoint a County Durham conveyancing lawyer based in the vicinity that I am purchasing? We have a good friend who can deal with the legal formalities however his firm is located over three hundred kilometers drive away.
The primary upside of using a high street County Durham conveyancing firm is that you can pop in to sign paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were happy that should surpass using an unfamiliar County Durham conveyancing solicitor solely due to them being round the corner.
Are there frequently found defects that you witness in leases for County Durham properties?
Leasehold conveyancing in County Durham is not unique. Most leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I purchased a ground floor flat in County Durham, conveyancing having been completed 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in County Durham with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2093
With just 73 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range 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 comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.