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Recently asked questions about conveyancing in Sheringham

Please could you recommend a Lloyds TSB Bank sanctioned Sheringham conveyancing solicitor that can complete within 28 days? Would it be better to use a local Sheringham solicitor or a nationwide comparison site?

We can recommend some very good Sheringham conveyancing firms. You can also walk up the high street in Sheringham. Visit some well established law practices and ask to speak with a conveyancing solicitor for a quote. Discuss your expectations together with the reasons and get a commitment on speed. Select the lawyer that appears most efficient.

At what point can the exchange of contracts happen for sale conveyancing in Sheringham and do I need to be at the solicitors branch?

If you are round the corner to our conveyancing solicitors in Sheringham you are invited in to sign documents. However, the lender approved solicitors we work with offer a national conveyancing service and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the contract is not the point of no return. A signed contract is just a prerequisite for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sheringham)to be in the office at the appropriate time.

How does conveyancing in Sheringham differ for newly converted properties?

Most buyers of new build or newly converted property in Sheringham come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Sheringham usually buy 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 accustomed to new build conveyancing in Sheringham or who has acted in the same development.

I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Sheringham is where the house is located. What do you suggest?

Flying freeholds in Sheringham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sheringham you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sheringham may determine 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 work for a long established estate agent office in Sheringham where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Sheringham conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as 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 buyer can avoid having to sit tight for 2 years to extend their lease. 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 disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 buyer.

I purchased a garden flat in Sheringham, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Sheringham with over 90 years remaining are worth £181,000. The ground rent is £55 yearly. The lease terminates on 21st October 2069

With only 50 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you 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.

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