We expect to receive a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Monkseaton solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Monkseaton solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I was told four weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Monkseaton is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have instructed a Monkseaton property lawyer having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Monkseaton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What will a local search reveal regarding the property my wife and I purchasing in Monkseaton?
Monkseaton conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search is essential in every Monkseaton conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
My wife and I own a 4 bedroom Georgian house in Monkseaton. Conveyancing lawyer acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Monkseaton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing solicitor who conducted the purchase.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Monkseaton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Monkseaton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Monkseaton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Monkseaton 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.
I am employed by a busy estate agency in Monkseaton where we have witnessed a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Monkseaton conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 1 bedroom flat in Monkseaton, conveyancing formalities finalised in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Monkseaton with a long lease are worth £227,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2098
With 72 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
We own a leasehold flat in Monkseaton. Conveyancing was completed in 2011. I have heard that I should not let the lease length fall too low. Is this correct?
Monkseaton domestic long term leases are for a fixed term - normally 99 years when they are first granted. However a significant appartments in Monkseaton were built or converted 35 or more years ago and so these leases now have less than 80 years left to run. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders generally need leases to have at least seventy five years unexpired to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching eighty years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are significant benefits to doing so before the lease hits eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.