We are buying a 2 bedroom apartment in North Shields and Tynemouth with a mortgage. We have a North Shields and Tynemouth lawyer, but the bank advise she’s not on their "panel". It seems we have no choice but to use one of the mortgage company panel conveyancing practices or continue with our North Shields and Tynemouth conveyancer and pay for one of their panel ones to act for them. We regard this is unjust; are we not able to require that the mortgage company use our North Shields and Tynemouth solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 solicitor to apply to be on the conveyancing panel.
The sellers of the property we are looking to purchase are using a conveyancing firm in North Shields and Tynemouth who has suggested a lock out agreement with a payment 6,000. Are such agreements sensible?
There are two main downsides with signing a lock out contract (occasionally referred to as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it may turn out to be a cause of frustration and delay. It is not particularly popular by North Shields and Tynemouth conveyancing solicitors as a result. The other main concern is the extent of the remedies available - a jilted buyer is extremely unlikely to win injunctive relief to stop the vendor disposing of the property to a third party, so the only remedy available under the agreement will be the recovery of abortive costs and, in rare circumstances, the additional payment of damages.
We had selected conveyancers with offices in North Shields and Tynemouth on the Virgin Money solicitor approved list. They are now charging me a supplemental sum for dealing with the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The charge is not dictated by Virgin Money but by your North Shields and Tynemouth property lawyer. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee and others do not.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a North Shields and Tynemouth solicitor on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Planning on purchasing a flat in North Shields and Tynemouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money 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 North Shields and Tynemouth solicitor is on the Virgin Money conveyancing panel.
I decided to have a survey completed on a property in North Shields and Tynemouth in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to issue a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in North Shields and Tynemouth. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a busy estate agency in North Shields and Tynemouth where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local North Shields and Tynemouth conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
I acquired a ground floor flat in North Shields and Tynemouth, conveyancing having been completed half a dozen years ago. 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? Equivalent flats in North Shields and Tynemouth with a long lease are worth £202,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2083
With just 57 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
I am an executor of my recently deceased parent's Will, with a house in North Shields and Tynemouth which is to be sold. The house is unregistered at the Land Registry and I'm advised that many estate agents will insist that it is completed before they will proceed. What's the procedure for this?
In the circumstances you refer to it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.