I am not in a position to travel far from Shildon. Is there a reason why all Shildon conveyancers are not on all lender panels?

Pre- 2008 most lenders had an attitude to risk which is different than today. The financial regulator in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. Accordingly, banks have subsequently looked to extract more information from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum amount of transactions the mortgage companies required.

I used Arc property Solicitors several years past for my conveyancing in Shildon. I now require my papers however the law firm is no longer operating. What do I do?

You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Shildon of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.

I decided to have a survey completed on a property in Shildon ahead of instructing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may refuse to give a loan on this type of home.

It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shildon. Conveyancing will be smoother if you use a solicitor in Shildon especially if they are accustomed to such properties in Shildon.

In what way can the Landlord & Tenant Act 1954 affect my business offices in Shildon and how can your lawyers assist?

The particular law that you refer to provides a safeguard to commercial lessees, granting the dueness to make a request to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Shildon

I am attracted to a two flats in Shildon both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Shildon 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 value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 Shildon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Shildon Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

How many of the leaseholders are in arrears for their service charge payments? What is the yearly service fee and ground rent? The answer will be helpful as a) areas can result in problems for the building as the communal areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to know about it