Me and my fiance are planning to acquire a 2 bedroom apartment in North Shields and Tynemouth with a mortgage. We wish to retain our North Shields and Tynemouth solicitor, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our North Shields and Tynemouth property lawyer and pay for one of their panel firms to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower 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 North Shields and Tynemouth conveyancing lawyer to apply to be on the conveyancing panel.
I purchased a freehold house in North Shields and Tynemouth but still charged rent, why is this and what is this?
It’s unusual for properties in North Shields and Tynemouth and has limited impact for conveyancing in North Shields and Tynemouth 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My apartment in North Shields and Tynemouth is up for sale and I have accepted an offer. Does my solicitor need to be required to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
I have a renovated Georgian house in North Shields and Tynemouth. Conveyancing practitioner represented me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Shields and Tynemouth and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in North Shields and Tynemouth differ for newly converted properties?
Most buyers of new build premises in North Shields and Tynemouth come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in North Shields and Tynemouth tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in North Shields and Tynemouth or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. North Shields and Tynemouth is where the house is located. Can you offer any advice?
Flying freeholds in North Shields and Tynemouth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Shields and Tynemouth you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Shields and Tynemouth 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 residence.