My wife and I are approaching an exchange on a property in Birtley and my mum and dad have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are purchasing a terrace house in Birtley. The intention is to convert the garage to a playroom at the property.Will the conveyancing process involve checks to see if these alterations are allowed?
Your conveyancer will review the deeds as conveyancing in Birtley can on occasion reveal restrictions in the title deeds which restrict certain works or need the permission of a 3rd party. Many extensions need local authority planning consent and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these issues with a surveyor prior to committing yourself to a purchase.
When it comes to mortgage companies such as Coventry BS, do Birtley conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Birtley off the council. I have a mortgage agreed with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I am looking for a ground for flat up to £195,000 and identified one close by in Birtley I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Birtley suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Given that I am about to spend over three hundred thousand on a two bedroom apartment in Birtley I wish to have a conversation with the solicitor concerning thehouse move before instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your conveyancing in Birtley.There is no ‘factory style conveyancing’ - each client is unique individual, not a file reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Birtley should be the figure that you are charged.
I am hoping to sign contracts shortly on a leasehold property in Birtley. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Birtley should include some of the following:
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Does the lease prohibit wood flooring? Are you allowed to have a pet in the flat? Defining your rights in relation to the communal areas in the block.For example, does the lease contain a right of way over a path or staircase? Whether your lease has a provision for a reserve fund for major works? specifics of the parties to the lease, e.g. these could be the tennant, superior lessor, landlord
I purchased a ground floor flat in Birtley, conveyancing having been completed December 1999. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Birtley with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2102
With just 77 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
My son is about to join the property ladder, he had his mortgage in principle. When the seller agreed the offer on the apartment we telephoned the bank to go forward with his. We were disappointed to discover that banks do not accept all property lawyer, they need to be on their approved list, is this correct?
Banks normally imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Birtley solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.