I am buying a ground floor flat in Newton Aycliffe. My lawyer is not on the mortgage company approved panel. Can I still retain my Newton Aycliffe conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
Various options include
- Complete the purchase with your preferred Newton Aycliffe conveyancer but your bank will no doubt use a solicitor from their approved panel. The net result is additional fees together with probable frustration.
- Get a new property lawyer to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Convince your property lawyer to do everything possible to get listed on the mortgage company conveyancing panel
My partner and I are nearing an exchange on a house in Newton Aycliffe and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The solicitor is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my house in Newton Aycliffe. Conveyancing lawyers have just been instructed on the sale but I can't track down the title documents. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by the mortgage company or they could stored with the conveyancers who handled your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Newton Aycliffe involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
Do the Building Society Association intend to launch a searchable register to list firms on the Darlington Building Society conveyancing panel for instance in Newton Aycliffe?
We have not been informed any intention on the part of the BSA to promote such a search facility.
I'm remortgaging my current property to a buy to let loan with Nottingham Building Society and I will use the rest of the raised equity as a down payment on another house. The location we are interested in is Newton Aycliffe. Will your solicitors be able to act for both sets of mortgage companies and tie in the conveyances?
Do use our comparison tool on this page to check that the lawyers are on the relevant lender panels. Having checked that they are the conveyancer should be able to tie up the two deals but you should talk with you solicitor and make apparent your expectations and needs.
I would like to let out my leasehold flat in Newton Aycliffe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Newton Aycliffe do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I acquired a ground floor flat in Newton Aycliffe, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Newton Aycliffe with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2100
With only 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.