My partner and I are acquiring a new build apartment in Blaydon On Tyne and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. I am on a tight deadline to sign contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do banks and building societies provide you with an approved list of Blaydon On Tyne conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Blaydon On Tyne conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
A relative pointed out to me me that in buying a property in Blaydon On Tyne there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Blaydon On Tyne which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Blaydon On Tyne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am expecting a OIP from Lloyds this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Blaydon On Tyne solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Blaydon On Tyne solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I have paid off my mortgage with Lloyds. I assume I don't need a Blaydon On Tyne conveyancing practitioner on the Lloyds panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I need some quick conveyancing in Blaydon On Tyne as I am faced with an ultimatum to complete within 4 weeks. Fortunately I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at liberty not to have searches carried out although no solicitor would recommend that you don't. Drawing on years of experience of conveyancing in Blaydon On Tyne the following are instances of what can show up and therefore affect future saleability: Enforcement Notices, Overdue Fees, Overdue Grants, Road Schemes,...
About to purchase a new build apartment in Blaydon On Tyne. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Blaydon On Tyne
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
What advice can you give us when it comes to appointing a Blaydon On Tyne conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Blaydon On Tyne conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Blaydon On Tyne conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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What volume of lease extensions have they carried out in Blaydon On Tyne in the last 12 months? How familiar is the practice with lease extension legislation?
I acquired a 1st floor flat in Blaydon On Tyne, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Blaydon On Tyne with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2092
With only 67 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.