Due to complete my purchase in Byker and Walker next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?

All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not limited to conveyancing in Byker and Walker.

Can you explain why leasehold purchase conveyancing in Byker and Walker costs more?

In summary, leasehold conveyancing in Byker and Walker and elsewhere usually necessitates extra work compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord concerning serving required notices, obtaining up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Byker and Walker is where the house is located. Can you shed any light on this issue?

Flying freeholds in Byker and Walker are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Byker and Walker 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 Byker and Walker 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 property.

What does commercial conveyancing in Byker and Walker cover?

Non domestic conveyancing in Byker and Walker covers a wide array of advice, provided by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.

I only have Sixty One years left on my lease in Byker and Walker. I now want to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to find the freeholder. On the whole a specialist should be helpful to carry out a search and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Byker and Walker.

I inherited a 1st floor flat in Byker and Walker, conveyancing formalities finalised March 2009. Can you work out an approximate cost of a lease extension? Corresponding properties in Byker and Walker with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2088

You have 63 years remaining on your lease we estimate the price of your lease extension to span between £16,200 and £18,600 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.