Latimer Hinks Solicitors, one of the North East’s leading law firms, has maintained a strong level of activity in its Commercial and Residential Property Departments despite challenges in the market
The Darlington-based practice saw a rise in total activity in 2017, including a 48 per cent increase in the value of mortgages and re-mortgages dealt with by the firm, up to £4.1m. This reflects an increase in the number of mortgage and re-mortgage instructions during the year.
Overall the department, at the Legal 500 and Chambers UK recognised firm, handled more than £145million-worth of residential and commercial property transactions over a 12 month period from January to December 2017, including 18 transactions in excess of £1m which themselves totalled almost £48million. During that same period, the North East property market saw a two per cent drop in property value.
Martin Williamson, a Director and Head of Residential Property at Latimer Hinks Solicitors, said: “Although the UK has seen a decline in house sales, partly due to a slowdown in take up of the Help-to-Buy scheme, our sales and purchases have held up well.
“But we have seen a significant rise in mortgages and remortages. People are tending to borrow money for repairs or improvements to their current properties instead of purchasing new homes. These often complicated transactions are something that this department handles with great professionalism, so we are pleased with these figures.”
Nicola Neilson, Commercial Property Director at Latimer Hinks, said: “The team has been working incredibly hard to ensure a high level of service on every transaction, and we are pleased with these results at a time when the rest of the market is facing challenges.”