My husband and I are planning to acquire a 3 bedroom apartment in Gateshead with a mortgage. We have a Gateshead conveyancer, however the lender says he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Gateshead conveyancing practitioner and pay for one of their panel firms to act for them. This feels very unfair; can we not demand that the bank use our Gateshead solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Gateshead conveyancing lawyer to apply to be on the conveyancing panel.
We have rather pushy sellers who has recommended a exclusivity agreement with a deposit 10k. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with signing a lock out contract (also known as a shut-out contract) is that it diverts attention away from moving forward with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could transpire to be a hindrance. It is not particularly popular by Gateshead conveyancing solicitors for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer should not expect to secure injunctive relief to prohibit the seller selling to a third party, so the only remedy open via the contract will be the reimbursement of wasted costs and, in limited scenarios, the additional payment of penalties.
Do conveyancers ask for money up-front for my conveyancing in Gateshead?
If you are buying a property in Gateshead your solicitor will ask you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the purchase price then this should be needed immediately prior to contracts are exchanged. The closing balance that is due should be transferred a couple of days prior to the completion date.
My lawyer in Gateshead is not listed on the Nationwide Building Society Approved Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Nationwide Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Gateshead solicitors but Nationwide Building Society will need to instruct a solicitor on their panel. This will inevitably rack up the overall legal charges as well as cause frustration.
- Find a new practitioner to to deal with the purchase, remembering to check they are Persuade your lawyer to do everything within their powers to join the Nationwide Building Society conveyancing panel
I used Action Conveyancing several years ago for my conveyancing in Gateshead. Now, I need my files but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Gateshead of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Last February I purchased a leasehold house in Gateshead. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1st floor flat in Gateshead, conveyancing was carried out in 2008. 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? Corresponding flats in Gateshead with a long lease are worth £186,000. The ground rent is £55 per annum. The lease finishes on 21st October 2077
You have 52 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending 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 tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.