I am hoping to receive a mortgage offer from Lloyds. I hope to retain the legal services of a Licensed Conveyancer in Hellesdon. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are buying a property and the solicitor has raised the issue of Chancel Repair for which the house could be obligated to pay because it falls into the area of such a church. She has suggested insurance. Is this really warranted for conveyancing in Hellesdon
Unless a prior purchase of the premises completed after 12 October 2013 you may assume that solicitors handling conveyancing in Hellesdon to continue to recommend a chancel search and or insurance against a claim.
How does conveyancing in Hellesdon differ for new build properties?
Most buyers of new build or newly converted property in Hellesdon come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Hellesdon tend to acquire the site, 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 conveyancing solicitors 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 Hellesdon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Hellesdon is the location of the property. Is there any advice you can impart?
Flying freeholds in Hellesdon are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hellesdon you must be sure that your lawyer goes 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 Hellesdon 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 own a leasehold flat in Hellesdon. Conveyancing was completed in 2010. I have read on various advice forums that I should not allow the the remaining lease term to fall too low. Is this right?
Hellesdon leasehold properties are for a prescribed term - normally ninety nine years when they commenced. However many appartments in Hellesdon were constructed or converted in the 60’s and so such leases now have fewer than eighty years unexpired. This may sound like plenty of time however Banks, Building Societies and other mortgage lenders generally require leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To increase your property value you should be considering whether to extend your lease well in advance of selling the property. There are also significant benefits to doing so before the lease reaches even eighty years as when the lease falls below 80 years the premium to be paid to extend starts to increase.