My partner and I are acquiring our first house. Our solicitor has contact usto enquire if we wish to purchase extra conveyancing searches. We are really unsure what's necessary for conveyancing in Shiremoor
The type of Shiremoor conveyancing searches depends entirely on the property, the location, the probability of any of these risks, your familiarity of the area and risks, your general attitude to risk. What is important is that you properly appreciate what information each search could provide. Then you can decide if you personally think you need that search. Should you be unclear, ask your conveyancer to advise.
I am the registered owner of a freehold residence in Shiremoor yet pay rent, why is this and what is this?
It is rare for properties in Shiremoor and has limited impact for conveyancing in Shiremoor but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
My uncle advised me that in purchasing a property in Shiremoor there may be a number of restrictions prohibiting external alterations to a property. Is this right?
We are aware of a number of properties in Shiremoor which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Shiremoor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The mortgage over my property is with Aldermore for my property in Shiremoor. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Aldermore must be informed of your intention in advance of renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. You need not do this via a Aldermore conveyancing panel lawyer.
I can not work out if my bank requires a lease extension. I have telephoned my Shiremoor bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Shiremoor conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank approved list, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am in need of some leasehold conveyancing in Shiremoor. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Shiremoor - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Shiremoor Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Be sure to discover if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in in a block in Shiremoor. If you like the apartmentin Shiremoor but your dog can’t move with you then you will be faced difficult compromise. On the whole the outlay for major works tend not to be wrapped into the service charges, although some managing agents in Shiremoor ask leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance.
Me and my partner are planning to purchase a 2 room bungalowin Shiremoor with a residential mortgage from a lender. We have selected a conveyancer in Shiremoor but our mortgage company inform us now that he's not listed on their "panel". We have to appoint from the our bank panel firms or keep our Shiremoor solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Shiremoor lawyer?
No, not really. The mortgage company mortgage offered to you is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. in the past, most banks had open panels, including almost all conveyancing solicitors in Shiremoor : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your lender.