I am getting a mortgage offer from Nat West. I hope to employ the services of a Licensed Conveyancer in Newcastle upon Tyne. Does the Nat West Solicitor panel exclude conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
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 lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks 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 Part 2 requirements. These obligations are not limited to conveyancing in Newcastle upon Tyne.
We are buying a flat in Newcastle upon Tyne. It might be a silly question but how we can trust a lawyer? At some point we have to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Planning on purchasing a apartment in Newcastle upon Tyne. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Newcastle upon Tyne conveyancer is on the Kent Reliance conveyancing panel.
I have instructed a Newcastle upon Tyne solicitor having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Newcastle upon Tyne surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
We are selling our house in Newcastle upon Tyne and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the buyers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Newcastle upon Tyne. We have lived in Newcastle upon Tyne for 4 years we know that this is a non issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Over the last few months I have been searching for a flat up to £305k and identified one close by in Newcastle upon Tyne I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Newcastle upon Tyne suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I have just appointed agents to market my garden apartment in Newcastle upon Tyne. Conveyancing lawyers have not yet been instructed, however I have recently received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as usual given that all ground rent and maintenance charges will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a garden flat in Newcastle upon Tyne, conveyancing was carried out in 2012. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Newcastle upon Tyne with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2086
With only 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.