My financial adviser has asked me for my Northumberland lawyer’ panel reference for the Nat West conveyancing panel. Can you suggest how I find this out. I have e-mailed my local Northumberland branch but they have not responded to me.
Have you tried contacting your Northumberland solicitor about this?. They maintain a central record lender panel numbers.
What does my ID and proof of funds have anything to do with my conveyancing in Northumberland? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Northumberland. However these days you can not proceed with any conveyancing deal without first submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Proof of the source of money is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer will need to retain this information on record. Your Northumberland conveyancing lawyer will require evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions regarding the source of funds.
We are selling our apartment in Northumberland. Does the lawyer need to be required to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
I am tempted by the attractive purchase price for a couple of maisonettes in Northumberland both have about 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Northumberland is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Northumberland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a ground floor flat in Northumberland, conveyancing formalities finalised in 2005. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Northumberland with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2088
You have 69 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of 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 want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Why is New Build conveyancing in Northumberland more costly?
Conveyancing in Northumberland for recently converted or new build premises often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual considerations.