I am need of leasehold conveyancing for a flat in a relatively new development (6 years old) in Newcastle upon Tyne. The vast majority the appartments have already been sold. Do I need carry out the neighbourhood searches for my conveyancing in Newcastle upon Tyne?
You would be taking a significant risk in not carrying out Newcastle upon Tyne conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would strongly advise in the strongest possible terms that you have them. Where time pressures and cost are top of your issues you should discuss with your lawyer about the option of search insurance
I am the registered owner of a freehold premises in Newcastle upon Tyne but still invoiced for rent, why is this and what is this?
It is rare for properties in Newcastle upon Tyne and has limited impact for conveyancing in Newcastle upon Tyne 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 generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather appoint a specialised conveyancing solicitor in Newcastle upon Tyne?
Do check but the the likelihood is that allocate you one of their panel lawyers where you take up the "fee-free" incentive. Contact the lender to check if they allow a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Newcastle upon Tyne.
I'm buying a new build house in Newcastle upon Tyne benefiting from help to buy. The sellers would not move on the price so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my lawyer about the side-deal as it could put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Newcastle upon Tyne is the location of the property. Is there any guidance you can impart?
Flying freeholds in Newcastle upon Tyne are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newcastle upon Tyne you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newcastle upon Tyne may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am employed by a long established estate agency in Newcastle upon Tyne where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Newcastle upon Tyne conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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.
Leasehold Conveyancing in Newcastle upon Tyne - Examples of Questions you should ask Prior to buying
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How much is the ground rent and service charge? The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from control and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. What is the name of the managing agents?