Me and my partner are due to complete buying a house in Tynemouth but as a result of wreckage from the recent storms I have managed to agree compensation from the seller in the sum of £2k by way of a deduction in the price. I had intended this to be dealt with as part of a side agreement yet Skipton are not allowing this. Why were they approached?
Your property lawyer that is on the Skipton conveyancing panel is required to disclose to Skipton of any amendments to the purchase price. If you prohibit your lawyer to notify the reduction to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Tynemouth.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial premises in Tynemouth?
Its becoming the norm that commercial conveyancing solicitors in Tynemouth will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Tynemouth. The search result provides definitive information 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 Tynemouth.
For each commercial conveyancing transaction in Tynemouth it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Tynemouth commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Tynemouth.
I am purchasing a new build house in Tynemouth benefiting from help to buy. The sellers would not move on the amount so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my solicitor about the extras as it could impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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 property I put an offer in last month in what should have been a simple, chain free conveyancing. Tynemouth is where the house is located. Is there any advice you can impart?
Flying freeholds in 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 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 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 premises.
I am on look out for some leasehold conveyancing in Tynemouth. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Tynemouth - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Tynemouth Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Are any of leasehold owners in dispute over their service charge payments? This information is helpful as a) areas could result in problems for the building as the common areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have an issue with the managing agents you will need to have full disclosure Does this lease have more than 90 years left?
I am short of a 10% deposit on my flat purchase in Tynemouth , but I am keen go ahead. What can I do?
You can agree a smaller deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second