I am in need of a conveyancer. Should I go for for a nationwide conveyancer or a family Penrith conveyancing solicitor?
Established third party relationships are another important factor to consider when choosing conveyancing lawyers. Penrith law firms benefit from connections with financial advisers and Penrith, local authorities, valuers and other law firms meaning the whole process is going to be much more straightforward for you. Possessing a wealth of intelligence of the local area also helps too.
I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) in Penrith with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have been told that property searches are the number one cause of stalling in Penrith house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Penrith.
How does conveyancing in Penrith differ for new build properties?
Most buyers of new build or newly converted property in Penrith 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 Penrith usually acquire 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 used to new build conveyancing in Penrith or who has acted in the same development.
Can you offer any advice when it comes to finding a Penrith conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Penrith conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Penrith conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
Can they put you in touch with clients in Penrith who can give a testimonial? If the firm is not ALEP accredited then what is the reason?
Leasehold Conveyancing in Penrith - A selection of Queries before buying
Is the freehold owned jointly by the tenants? Most Penrith leasehold apartments will be liable to pay a service charge for maintenance of the block levied by the freeholder. Where you buy the apartment you will have to pay this contribution, normally in instalments during the year. This could differ from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent to be met yearly, ordinarily this is not a significant amount, say approximately £25-£75 but you need to check as occasionally it can be prohibitively expensive. On the whole the cost for major works tend not to be wrapped into the service charges, although a few managing agents in Penrith ask leaseholders to pay into a reserve fund created for the specific intention of building a fund for major repairs or maintenance.