Our North Shields and Tynemouth lawyer has spotted a difference between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My solicitor has advised that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My grandmother passed away last year and as sole heir and executor I was left the house in North Shields and Tynemouth. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this allowed?
If you plan to refinance then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
I am purchasing a new build house in North Shields and Tynemouth with a mortgage from Santander. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about this deal as it could jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
There are only Sixty One years unexpired on my lease in North Shields and Tynemouth. I now want to get lease extension but my landlord 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 for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering North Shields and Tynemouth.
I acquired a split level flat in North Shields and Tynemouth, conveyancing was carried out 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in North Shields and Tynemouth with an extended lease are worth £227,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2090
With 72 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
After what seems like an age I have had an offer on an flat in North Shields and Tynemouth agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet agreed to, and has viewings of other apartments in the pipeline. I have chosen a nearby conveyancing lawyer in North Shields and Tynemouth. What should be my next step? At what stage do I apply for the mortgage with Nationwide?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, North Shields and Tynemouth conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Nationwide approved list. Concerning the subsequent stages this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a buoyant market the majority of buyers will apply for a home loan with Nationwide and arrange for the survey and only if it comes back ok would they pay their conveyancer to press on with searches.