It is a dozen years since I purchased my property in Thornaby. Conveyancing solicitors have now been appointed on the sale but I can't track down the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by the lender or they could still be with the conveyancers who oversaw your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Almost all conveyancing in Thornaby involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
Does a directory service exist listing Co-operative panel solicitors in Thornaby on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings visible on the web. If you are in need of a Thornaby lawyer on the Co-operative please make the most of our facility.
I have a mortgage with Principality for my property in Thornaby. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval prior to letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will allow you to rent 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 Principality directly. You need not do this via a Principality conveyancing panel lawyer.
Kent Reliance have agreed my home loan in principle, my bid on a house in Thornaby has been accepted, what happens next?
Your property agent will wish to be informed of your property lawyer's details (make sure the solicitors are on the lender’s approved list). Telephone Kent Reliance or your financial adviser and finalise any appropriate documentation. Kent Reliance will sellect a valuer who will get in touch with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Kent Reliance will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Thornaby.
How does conveyancing in Thornaby differ for newly converted properties?
Most buyers of new build property in Thornaby come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Thornaby typically acquire the real estate, 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 conveyancing solicitors 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 Thornaby or who has acted in the same development.
Should I be concerned about estate agents that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Thornaby conveyancing firm?
As with lots of professional services, often suggestions from relatives can be worth their weight in gold. But there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend solicitors to appoint. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the right to appoint your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of solicitors you must use for the mortgage aspect of your home move.
I am employed by a busy estate agency in Thornaby where we see a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Thornaby conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Thornaby Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
Does the lease contain onerous restrictions? Are any of leasehold owners in dispute over their service charge payments? Please inform me if there are any major works in the planning that could add a premium to the maintenance charges?