At long last a mortgage agreement from NatWest for the remortgage of my 4 room apartment is expected any day now. Can you propose a cheap conveyancing law firm in Durham?
You are on the wrong site if you are in need of the cheapest conveyancing in Durham. Our intention is to offer cost effective conveyancing but our intention is not to work with the cheapest lawyers. Avoid the trap of appointing brokers enticing you with £99 conveyancing in Durham. Optimistically, in being led by low cost conveyancing, you will get your money’s worth and at worst it will result in you being stung for additional fees and still not end up with the service expected.
I own a freehold property in Durham but still pay rent, why is this and what is this?
It’s unusual for properties in Durham and has limited impact for conveyancing in Durham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We're in Durham, First timers buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Me and my brother own a 4 bedroom Edwardian property in Durham. Conveyancing practitioner acted for me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching address. Is it worth asking National Westminster Bank to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Durham and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing lawyer who completed the work.
My husband and I are new on the property ladder - had an offer accepted, yet the property agent has warned us that the owners will only proceed if we instruct the agent's preferred lawyers as they are insisting on a ‘quick sale’. We would rather use a high street solicitor accustomed to conveyancing in Durham
It is unlikely the vendors are behind this. Should the seller require ‘a quick sale', alienating a serious purchaser is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you are going to instruct your own,trusted Durham conveyancing firm - not the ones that will provide their negotiator at the agency a referral fee or meet his conveyancing figures set by HQ.
What makes a Durham lease unmortgageable?
Leasehold conveyancing in Durham is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Insurance obligations
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I acquired a studio flat in Durham, conveyancing having been completed October 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Durham with an extended lease are worth £190,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2087
With 61 years unexpired the likely cost is going to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.