We wish to acquire a purpose built flat in Longthorpe with a loan from Nottingham Building Society.We like our Longthorpe conveyancing practitioner but Nottingham Building Society says her practice is not on their approved list of member firms. we are left little option but to use a Nottingham Building Society panel firm or keep our local 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?

Unfortunately,no. The home loan offered to you is subject to its various provisions, one of which will be that conveyancers must be on the Nottingham Building Society conveyancing panel. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 Nottingham Building Society

Do I need to pay for insurance to cover chancel repairs when buying a residence in Longthorpe?

Unless a previous acquisition of the property took place after 12 October 2013 you can assume that lawyers conducting conveyancing in Longthorpe to remain encouraging a chancel search and or insurance against a claim.

How does conveyancing in Longthorpe differ for new build properties?

Most buyers of new build or newly converted property in Longthorpe approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Longthorpe tend to buy 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 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 Longthorpe or who has acted in the same development.

What is different about your site and other online quote calculators when it comes to conveyancing in Longthorpe?

At this site receive an accurate quote via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Longthorpe. Unlike many estate agents and many comparison sites we do not operate commission deals with solicitors. Many agents and online brokers 'recommend' the firm paying the highest per referral, not the best value conveyancing in Longthorpe

I am tempted by the attractive purchase price for a couple of flats in Longthorpe both have approximately 50 years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Longthorpe is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 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 Longthorpe 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 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.

Leasehold Conveyancing in Longthorpe - Sample of Questions you should consider before buying

This question is useful as a) areas could result in problems in the building as the communal areas may begin to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to have full disclosure What prohibitions are there in the Longthorpe Lease? How many years are left on the lease?