My husband and I are only a couple days away from an exchange on a house in North Shields and Tynemouth and my parents have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is obliged to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a new build house in North Shields and Tynemouth with a mortgage from Santander. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about the extras as it would adversely affect my mortgage with Santander. Do I keep my lawyer in the dark?.
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 selling my property. My past conveyancers has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in North Shields and Tynemouth if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in North Shields and Tynemouth. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
Am I best advised to instruct a North Shields and Tynemouth conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can handle the conveyancing however her office is over three hundred kilometers drive away.
The primary upside of using a high street North Shields and Tynemouth conveyancing firm is that you can visit the firm to execute documents, hand in your identification documents and pester them where appropriate. Having local North Shields and Tynemouth know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were impressed that should trump using an unknown North Shields and Tynemouth conveyancing solicitor solely due to them being North Shields and Tynemouth based.
I am attracted to a two maisonettes in North Shields and Tynemouth both have approximately 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in North Shields and Tynemouth is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North Shields and Tynemouth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a garden flat in North Shields and Tynemouth, conveyancing having been completed in 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in North Shields and Tynemouth with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2078
With only 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Is it the case that all North Shields and Tynemouth solicitors on every bank conveyancing panel?
You can use our search tool or you can drop into your local lender branch in North Shields and Tynemouth. Chances are that they will be in a position to suggest some approved conveyancing solicitors in North Shields and Tynemouth