We're in Northumberland, First time buyers purchasing with a mortgage (lender is Clydesdale , and our lawyer is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when acquiring a property in Northumberland? or I am told that there is a law dating back centuries that means some house owners living in a parish church boundary will be compelled to contribute towards maintenance towards the chancel in proximity to the church. Is this relevant for conveyancing in Northumberland?
Unless a prior purchase of the premises took place post 12 October 2013 you can assume that conveyancing practitioners carrying out conveyancing in Northumberland to remain recommending a chancel search and or insurance against a claim.
I am purchasing my first flat in Northumberland with a loan from TSB. The developers would not budge the price so I negotiated £7000 of extras instead. The estate agent advised me not inform my conveyancer about this side-deal as it will jeopardize my loan with TSB. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Northumberland is the location of the property. Can you offer any assistance?
Flying freeholds in Northumberland are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Northumberland you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Northumberland 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.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Northumberland and how can your lawyers assist?
The 1954 Act gives security of tenure to business leaseholders, giving them the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Northumberland
I am attracted to a couple of maisonettes in Northumberland which have approximately 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Northumberland 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 salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 property 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 a residence 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 Northumberland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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 own a leasehold flat in Northumberland, conveyancing was carried out in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Northumberland with a long lease are worth £202,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2082
With 56 years remaining on your lease we estimate the price of your lease extension to range between £29,500 and £34,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.