My husband and I are refinancing our penthouse in South Shields with Santander. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Santander conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Santander. This is solely used to protect Santander if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Santander had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial land in South Shields?
Its becoming the norm that commercial conveyancing solicitors in South Shields will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in South Shields. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Shields.
For every commercial conveyancing transaction in South Shields it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to South Shields commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in South Shields.
I have been on the look out for a flat up to £245,000 and identified one round the corner in South Shields I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in South Shields for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I'm refinancing my existing house to a BTL loan with Britannia and I will use the ballance of the raised equity as a deposit on another house. The location we are talking about is South Shields. Will your conveyancers be able to act for both sets of lenders and tie in the two deals?
Do use our search tool on this page to check that the conveyancers are approved by both lenders. Assuming that they are the conveyancer will be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and make apparent your desired outcome and requirements.
In my capacity as executor for the will of my father I am disposing of a house in Swansea but I am based in South Shields. My solicitor (who is 300 miles awayneeds me to execute a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in South Shields to attest this legal document for me?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are South Shields based
I’m about to sell my garden apartment in South Shields. Conveyancing is yet to be initiated, but I have just received a quarterly service charge demand – what should I do?
It best that you pay the maintenance contribution as normal as all rents and maintenance charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 1 bedroom flat in South Shields, conveyancing having been completed October 2009. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in South Shields with an extended lease are worth £190,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2086
With just 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.