I am purchasing a brand new apartment in Shiremoor and my solicitor is informing me that she has to the bank to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Shiremoor? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to supply identification documents, your conveyancer can not take you on as a client.
Will our solicitor be making enquiries regarding flooding during the conveyancing in Shiremoor.
Flooding is a growing risk for conveyancers dealing with homes in Shiremoor. Some people will acquire a house in Shiremoor, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or by their solicitors which can figure out the risks in Shiremoor. The standard information given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a purchaser could bring a claim for damages as a result of such an misleading answer. A buyer’s lawyers may also order an environmental search. This will higlight if there is any known flood risk. If so, additional inquiries should be initiated.
Due to the encouragement of my in-laws I had a survey completed on a house in Shiremoor ahead of retaining solicitors. I have been told that there is a flying freehold element to the house. Our surveyor has said that some banks may refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shiremoor. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shiremoor to see if the conveyancing will be more expensive.
How does the Landlord & Tenant Act 1954 impact my commercial offices in Shiremoor and how can your lawyers assist?
The particular law that you refer to gives protection to commercial lessees, granting the a statutory right to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Shiremoor
I only have Sixty One years left on my flat in Shiremoor. I need to extend my lease but my freeholder is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Shiremoor.
I am the registered owner of a split level flat in Shiremoor, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Shiremoor with over 90 years remaining are worth £176,000. The ground rent is £50 yearly. The lease terminates on 21st October 2106
With only 80 years left to run the likely cost is going to be between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.