Me and my partner are about to complete buying a property in Chester le Street but as a consequence of damage from a small fire at the property I have managed to agree reparation from the current proprietors of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Lloyds will not agree to this. Why were they approached?
Your solicitor that is on a Lloyds approved list is obliged to inform Lloyds of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to report the price change to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new property lawyer for your conveyancing in Chester le Street.
My wife and I buying a terrace house in Chester le Street. Our aim is to carry out an extension to the side at the property.Will the conveyancing process include enquiries to see if these works were previously refused?
Your conveyancer will review the registered title as conveyancing in Chester le Street will sometimes reveal restrictions in the title deeds which prohibit categories of changes or need the permission of a 3rd party. Some extensions need local authority planning consent and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
I currently have a mortgage with Bank of Ireland for my property in Chester le Street. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
After much negotiation I have agreed a price on an apartment in Chester le Street. My financial adviser suggested a property lawyer. I paid an upfront payment of £150. A few days later, the property lawyer called me to say that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Just bought a terraced house in Chester le Street , What is the estimated time for the Land Registry to register my ownership? My Chester le Street conveyancing solicitor works at snail pace, so I want to be certain the registration is concluded.
As far as conveyancing in Chester le Street registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry need to notify any other parties. At present roughly 80% of submission are completed in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place after the buyer is living at the premises so post completion formalities is not usually top priority yet where there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Chester le Street I like with open areas and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Chester le Street for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I am tempted by the attractive purchase price for a two apartments in Chester le Street which have approximately fifty years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I invested in buying a basement flat in Chester le Street, conveyancing having been completed in 2003. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Chester le Street with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2097
With just 72 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range 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 investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
We are in the midst of selling our flat in Chester le Street. Conveyancing is fine but we are being charged an extortionate amount by the freeholder. So far we have issued a cheque for £250 for a leasehold management information and then another £117.20 for responses to queries raised by the purchaser's conveyancing practitioner.
Neither you or your solicitor will have any sway over the level of the bill for this information however the average costs for the information for Chester le Street leasehold property is £355. When it comes to Chester le Street conveyancing sales it is conventional for the vendor to cover the charges. The freeholder or their agents are not duty bound to answer these questions most will be willing to do so - albeit often at high prices disproportionate to the work involved. Unfortunately there is no legislation that requires capped fees for administrative tasks. There is no statutory time limit by which they are obliged to supply the information.