Find a Somersham Conveyancing Solictior on Your Lender’s Panel

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

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

Recently asked questions about conveyancing in Somersham

Much to our surprise we have been told by our mortgage broker that my Somersham property lawyer is not on the mortgage company Conveyancing panel. How can I be sure that this is correct?

Your first step should be to call your Somersham conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may recommend you to a Somersham conveyancing practice that is on the conveyancing panel for your lender.

About to place an offer on a leasehold property in Somersham. The estate agents advise that it is usual for flats in Somersham to have less than 75 years unexpired on the lease. I am getting a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 72 years to go.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/9/2023 the requirements read as follows :

85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

How does conveyancing in Somersham differ for newly converted properties?

Most buyers of new build property in Somersham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Somersham tend to 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 accustomed to new build conveyancing in Somersham or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Somersham is where the house is located. Can you offer any opinion?

Flying freeholds in Somersham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Somersham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Somersham 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 am 3 weeks into a leasehold purchase having been recommend to conveyancers by the local agent to do our conveyancing in Somersham. I am am starting to be disappointed with the quality of service. Can you you assist me in finding new lawyers?

A lawyer would need to be really bad to suggest changing them. Has the mortgage offer been sent? If so you need to advise them of the new contact details and get the loan are issued to the new lawyers. Your new conveyancer should be on the lenders panel to avoid added fees and delays. So that should be your first question of the new lawyers. Our search tool should assist you in finding a bank approved solicitor for your conveyancing in Somersham

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