What is the difference between a licensed conveyancer and conveyancing solicitor in Shiremoor
Two types of professional can execute conveyancing in Shiremoor namely licenced conveyancers or solicitors. The two can provide conveyancing services that required to complete the sale or purchase of property. Both are obliged to perform Shiremoor conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that all necessary steps should be accurately attended to.
A friend informed me that in buying a property in Shiremoor there may be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Shiremoor which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Shiremoor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is not clear whether my bank requires a lease extension. I have telephoned my Shiremoor bank branch on a couple of occasions and was told it wasn't a problem and they will lend. My Shiremoor conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the solicitor is on the mortgage company approved list, they must follow the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I own a renovated Edwardian house in Shiremoor. Conveyancing practitioner represented me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You should review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shiremoor and other locations in 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 buyers. You can also question the position with the conveyancing solicitor who conducted the work.
Just had an offer accepted on a new build flat in Shiremoor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Shiremoor
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There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a flat up to £235,500 and identified one close by in Shiremoor I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Shiremoor suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Expecting to exchange soon on a studio apartment in Shiremoor. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Shiremoor should include some of the following:
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The length of the lease term. You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years if lease provides for a reserve fund? Are you allowed to have a pet in the flat? Whether the lease restricts you from letting out the property, or having a home office for business Responsibility for maintaining the window frames
I invested in buying a garden flat in Shiremoor, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Shiremoor with an extended lease are worth £265,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2100
You have 75 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I have been searching for Shiremoor online conveyancing estimates. Can I be sure that all the Shiremoor firms that are listed on your directory are on the mortgage company conveyancing panel?
The law firms on our directory have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Shiremoor firm being on the mortgage company conveyancing panel is not accurate.