lenderpanel

Find a Peterlee Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Peterlee? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Peterlee home move at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Peterlee conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Peterlee

I currently have a mortgage with Nottingham for my property in Peterlee. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?

Your original mortgage agreement with Nottingham will provide that you need their approval before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel firm.

I recently had an offer agreed on an apartment in Peterlee. My mortgage broker suggested a conveyancer. I paid an on account payment of £150. A few days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?

You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.

UBS have agreed my home loan in principle, my bid on a property in Peterlee has been agreed to, what happens next?

The estate agent will want to know who your solicitors are (make sure the conveyancers are on the bank’s approved list). Call up UBS or your financial adviser and finish off any outstanding documentation. UBS will instruct a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. UBS will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Peterlee.

I know that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a property in Peterlee? or I am told that there is a law dating back centuries that means some homeowners residing in a parish church boundary may be liable to pay for maintenance to the chancel within the church. Is this a legitimate concern for conveyancing in Peterlee?

Unless a prior acquisition of the premises completed post 12 October 2013 you can take it that conveyancing practitioners carrying out conveyancing in Peterlee to remain recommending a chancel search and or chancel repair liability policy.

How does conveyancing in Peterlee differ for newly converted properties?

Most buyers of new build property in Peterlee come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Peterlee typically 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 property lawyers 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 Peterlee or who has acted in the same development.

I am employed by a long established estate agency in Peterlee where we see a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Peterlee conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I purchased a split level flat in Peterlee, conveyancing formalities finalised August 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Peterlee with an extended lease are worth £171,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2101

With only 79 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

The mortgage broker has recommended their lawyer for our conveyancing in Peterlee - Is it not simpler better to just instruct them?

You need to establish if the estate agent is recommending a conveyancing practitioner or introducing to a solicitor. There are plenty of Peterlee estate agents who recommend two or three Peterlee conveyancing firms and get nothing from it.

Last updated

Find out more about how flying freehold can affect your the value of a property.