I can't travel far from Sully. Is there a reason why all Sully solicitors aren't included on all bank panels?

Mortgage Companies tend to restrict either the nature or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm is required to have at least two partners. As well as restricting the nature of firm, some building societies decided to reduce the number of organisations they use to represent them. It is worth noting that banks have no responsibility for the quality of service provided by any Sully conveyancer on their approved list. Increases in mortgage fraud was the main trigger for the reduction of conveyancing panels a few years ago even though there are differing thoughts about whether solicitors sat at the center of that fraud. Statistics via HM Land Registry exposes that thousands of conveyancing firms only carry out less than three conveyances annually. Those vindicating conveyancing panel pruning ask why conveyancing firms deserve any entitlement to be listed on a conveyancing panel when clearly property law is not their speciality?

We were just about to sign contracts for a freehold house in Sully. We encountered a snag. The loan offer with Accord Mortgages Ltd runs out on 28/3/2025 but the owners are insisting on a completion date of 1/4/2025. Can one prolong the loan expiry date?

The best person to address this concern is your solicitors who will hopefully assess if he or she is corresponding with the bank, owner’s solicitors, property agents or indeed all parties based on the circumstances your house move to date.

I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Sully with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?

In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

I was pointed in your direction by two or three local selling agents in Sully to get a quote from a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to recommend your lawyers over and above another?

We refuse to give any referral fee for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am attracted to a two apartments in Sully which have about forty five years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Sully is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sully conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Sully - A selection of Queries before Purchasing

Is there a share of the freehold? This information is helpful as a) areas may result in problems in the building as the common areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have full disclosure Be sure to investigate if the the lease includes any unreasonable restrictions in the lease. For instance some leases prohibit pets being allowed in in a block in Sully. If you love the flatin Sully but your cat can’t move with you then you have a very difficult decision.