I am nearing exchange of contracts for my apartment in Ponteland and the estate agent has just text me to advise that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a leading lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Ponteland ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
We are buying a flat and need a conveyancing solicitor in Ponteland who is on the Principality approved panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Principality . We don't recommend any particular firms conducting conveyancing in Ponteland.
How does conveyancing in Ponteland differ for newly converted properties?
Most buyers of new build property in Ponteland approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Ponteland 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 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 used to new build conveyancing in Ponteland or who has acted in the same development.
My father-in-law has recommend that I appoint his lawyers for conveyancing in Ponteland. Should I use them?
No doubt it’s preferable to choose a conveyancing lawyer is to get guidance from friends or relatives who have previously instructed the conveyancer you're are thinking of instructing.
My partner and I may need to sub-let our Ponteland ground floor flat for a while due to taking a sabbatical. We used a Ponteland conveyancing firm in 2004 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Ponteland conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek consent from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.
I purchased a studio flat in Ponteland, conveyancing having been completed in 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Ponteland with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2076
With just 50 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.