All was ready to move into my new home in Newcastle upon Tyne next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Newcastle upon Tyne.
I am purchasing my first flat in Newcastle upon Tyne with a loan from Platform Home Loans Ltd. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my solicitor about this side-deal as it will affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £245,000 and identified one close by in Newcastle upon Tyne I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Newcastle upon Tyne in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can 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 existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How do I use the search facility to choose a conveyancing solicitor in Newcastle upon Tyne on the approved list for my bank?
1st pick a lender such as Nationwide Building Society, Bank of Scotland or Platform Home Loans Ltd then type in your location e.g. Newcastle upon Tyne. Conveyancing practices in Newcastle upon Tyne and further afield should be identified.
As co-executor for the will of my grandmother I am disposing of a property in Newport but live in Newcastle upon Tyne. My solicitor (based 235 kilometers awayhas requested that I execute a statutory declaration ahead of completion. Could you suggest a conveyancing lawyer in Newcastle upon Tyne to attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are based in Newcastle upon Tyne
I am a negotiator for a long established estate agency in Newcastle upon Tyne where we see a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Newcastle upon Tyne conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Newcastle upon Tyne Leasehold Conveyancing - Examples of Queries Prior to buying
-
You should want to find out as much as you can concerning the managing agents as they can either make life much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the common parts. Enquire of other tenants if they are happy with them. On a final note, find out the dates that the maintenance charges are due to the managing agents and specifically how they are spending the funds. The answer will be helpful as a) areas can cause problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to have all the details