The Jesmond conveyancing firm handling our Jesmond conveyancing has uncovered an inconsistency between the assumptions in the valuation report and what is revealed within the title deeds. My solicitor informs me that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I purchased a freehold residence in Jesmond but still pay rent, why is this and what is this?
It’s unusual for properties in Jesmond and has limited impact for conveyancing in Jesmond 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh 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 post 2037 will be dispensed with completely.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Jesmond so that I can attend their offices when needed.
As opposed to 15 years ago, the vast majority lenders no longer oblige their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID documents and there are still manifest advantages to using a local practitioner, in your case a conveyancing solicitor in Jesmond.
Due to the guidance of my in-laws I had a survey completed on a house in Jesmond before retaining solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks tend refuse to give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Jesmond. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way can the Landlord & Tenant Act 1954 impact my commercial property in Jesmond and how can you help?
The particular law that you refer to gives a safeguard to business leaseholders, giving them the dueness to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Jesmond is one of our hundreds of areas of the UK in which our lawyers have offices
What makes a Jesmond lease unmortgageable?
There is nothing unique about leasehold conveyancing in Jesmond. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the building
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a studio flat in Jesmond, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Jesmond with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2105
With only 80 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.