We are selling our apartment in Chester le Street. Does the property lawyer have to be required to be on the Santander conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
We are getting the release of further monies on our mortgage from Barclays as we want to carry out a loft conversion to our home in Chester le Street. Do we need to choose a nearby Chester le Street solicitor on the Barclays conveyancing panel to handle the paperwork?
Barclays do not ordinarily require firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays conveyancing panel.
I currently have a mortgage with Santander for my property in Chester le Street. Conveyancing has been completed months ago. In the event that I decide 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 Santander?
Your original mortgage agreement with Santander will provide that you need their approval in advance of renting your property as this is likely to be a breach of Santander’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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
My sealed bid on a semi in Chester le Street has been accepted, but there is a chain. The sellers have offered on somewhere, but it’s not yet agreed to, and are looking at other flats booked. I have chosen a local conveyancing solicitor in Chester le Street. What should be my next step? When do I get the mortgage application with RBS going?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then valuation, Chester le Street conveyancing search charges, etc). The first thing to do is check that your lawyer is on the RBS approved list. As to the subsequent steps this very much depends on the specifics of your case, desire for this property and on the state of the market. In a buoyant market many home buyers would apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with searches.
I purchased a renovated Georgian property in Chester le Street. Conveyancing lawyer represented me and Britannia. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Chester le Street and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing practitioner who conducted the purchase.
Is it best to choose a Chester le Street conveyancing practitioner based in the area that I am hoping to buy? We have a good friend who can conduct the legal formalities but they are based over three hundred miles drive away.
The primary upside of using a local Chester le Street conveyancing practice is that you can attend the office to execute documents, hand in your ID and pester them where appropriate. Having local Chester le Street know how is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were happy that must surpass using an unknown Chester le Street conveyancing solicitor solely due to them being round the corner.
What are the frequently found problems that you see in leases for Chester le Street properties?
Leasehold conveyancing in Chester le Street is not unique. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
I purchased a leasehold flat in Chester le Street, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Chester le Street with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2095
With only 71 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Are you able to clarify what my options are if my Chester le Street conveyancing searches reveals detrimental entries?
Ordinarily, most problems that arise in Chester le Street conveyancing search responses can be addressed in advance of completion or title insurance may be obtained. You should remember that even though you intend on acquiring the property and may be willing to accept the search results, your building society or bank may not, and ultimately have the final decision.