My nephew is buying a house that has just been built in Hetton Le Hole with a mortgage from Virgin Money. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?

The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

At what point can the exchange of contracts take place for sale conveyancing in Hetton Le Hole and do I need to attend the conveyancers branch?

If you are near to one of the conveyancing solicitors in Hetton Le Hole you are welcome to attend to sign contracts. That being said, the lender approved solicitors we work with provide countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when communicating with you by post or email. The executing of the sale agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hetton Le Hole)to be in the office available at the end of the phone to exchange contracts.

How do I find out if the solicitor handling my conveyancing in Hetton Le Hole is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Aldermore thus spending £187.00 plus VAT in another set of legal costs.

You should take advantage of the search tool on this page. Please choose the mortgage company and type ‘Hetton Le Hole’ or your location and you will see numerous conveyancers located in Hetton Le Hole or nearest you.

I opted to have a survey completed on a property in Hetton Le Hole prior to retaining lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will refuse to grant a mortgage on such a property.

It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hetton Le Hole. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hetton Le Hole to see if the conveyancing costs will increase in light of this.

I am tempted by the attractive purchase price for a two apartments in Hetton Le Hole which have about forty five years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Hetton Le Hole. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.

I invested in buying a 1st floor flat in Hetton Le Hole, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Hetton Le Hole with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2084

With only 59 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other 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 based on this information without first seeking the advice of a professional.