I am hoping to complete my purchase in North Shields next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the mortgage company expect the insurance to cover?

Any lawyer 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 conditions. These requirements are not limited to conveyancing in North Shields.

I have todaybecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in North Shields for a purchase of a freehold house 18 months ago. How can I check that my home is in my name in the name of the former proprietor?

The quickest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of North Shields conveyancing specialists.

I have been on the look out for a flat up to £305k and identified one round the corner in North Shields I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in North Shields suitable, so just wondered if I would be making a mistake acquiring a short lease?

If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.

How easy is it to transfer to a new firm as I have to instruct one who is on the Clydesdale conveyancing list. I instructed a family conveyancing solicitor in North Shields round the corner but he is not accepted by Clydesdale

It would be our pleasure to help you find a conveyancing solicitor in North Shields on the Clydesdale panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in North Shields. In making use of search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in North Shields.

When it comes to leasehold conveyancing in North Shields what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in North Shields. Most leases are unique and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts.

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

I purchased a garden flat in North Shields, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in North Shields with over 90 years remaining are worth £206,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2091

With only 66 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 plus legals.

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 tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.