Will my conveyancing lawyers need to check that the building insurance when buying a house in Cramlington. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 25/3/2025, the requirements read as follows :
We had instructed solicitors located in Cramlington on the RBS solicitor approved list. They have just invoiced me an additional fee for handling the RBS mortgage. Is this a supplemental conveyancing fee specified by RBS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. This charge is not dictated by RBS but by your Cramlington conveyancing practitioner. Some firms on the RBS panel will quote ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
We expect to receive a OIP from Kent Reliance 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 Kent Reliance recommend any Cramlington solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Cramlington solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Our sealed bid on a detached house in Cramlington has been accepted, but there is a chain. The owners have placed an offer on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have chosen a high street conveyancing solicitor in Cramlington. What do I do now? At what stage do I apply for the mortgage with Virgin Money?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Cramlington conveyancing search charges, etc). The first thing to do is ensure that your property lawyer is on the Virgin Money conveyancing panel. Regarding the next steps this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. In a hot market some buyers will apply for a home loan with Virgin Money and arrange for the valuation and only if it comes back ok would they request their solicitor to press on with the conveyancing in Cramlington.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Cramlington I like with open areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Cramlington in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
How does the Landlord & Tenant Act 1954 affect my commercial property in Cramlington and how can you help?
The 1954 Act provides protection to business leaseholders, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Cramlington
I am attracted to a couple of flats in Cramlington both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I am the registered owner of a 1st floor flat in Cramlington, conveyancing having been completed in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Cramlington with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2085
You have 60 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Are all Cramlington legal practices on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local lender branch in Cramlington. Chances are that they will be in a position to list some reputable conveyancing solicitors in Cramlington