My husband and I are only a couple days away from an exchange on a flat in North Shields and my parents have transferred the 10% deposit to my solicitor. I am now told that as the deposit has not arrived from me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is obliged to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. North Shields is the location of the property. Is there any guidance you can impart?
Flying freeholds in North Shields are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside North Shields you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Shields may ascertain 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 residence.
How does the Landlord & Tenant Act 1954 affect my business offices in North Shields and how can you help?
The particular law that you refer to gives a safeguard to commercial lessees, giving them the right to make a request to court for a new tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. North Shields is one of the hundreds of locations in which the firms we work with are based
I am thinking of appointing a conveyancing solicitor in North Shields for my sale. Is it possible to review a solicitor's record with the legal regulator?
One may find presented Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator may monitor call for training requirements.
I work for a reputable estate agency in North Shields where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local North Shields conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser can avoid having 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 sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
I acquired a studio flat in North Shields, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in North Shields with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2090
You have 66 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on 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 clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
My husband and I are hoping to buy a three bedroom maisonettein North Shields with a loan from a lender. We like our lawyer in North Shields but our mortgage company advise she’s not on their "panel". Apparently we need to choose from the our lender panel solicitors or stay with our North Shields conveyancer and pay for one of their panel ones to represent our lender. We feel as though this is unjust; Can we not simply insist that our mortgage company use our North Shields lawyer?
Unfortunately,no. The lender mortgage issued is subject to its terms and conditions, one of which will be that lawyers will on the lender's conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels, including almost all conveyancing solicitors in North Shields : a mortgagee 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 lawyer to apply to be on the conveyancing panel for your lender.