We're in Tynemouth, FTBs buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
About to purchase a new build apartment in Tynemouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tynemouth
There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
We're FTB’s - had an offer accepted, yet the agent has warned us that the vendor will only proceed if we use their preferred lawyers as they want a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Tynemouth
It is highly unlikely the vendors are driving this. If they want ‘a quick sale', turning down a serious buyer is counter productive. Speak to the owners direct and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Tynemouth conveyancing firm - rather thanthose that will earn the estate agent a introducer fee or hit his conveyancing figures pre-set by head office.
Can you provide any advice for leasehold conveyancing in Tynemouth from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Tynemouth can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Organising a replacement share certificate is often a lengthy process and slows down many a Tynemouth home move. If a duplicate share is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Tynemouth state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you dont have the consents in place you should not contact the landlord without contacting your solicitor in the first instance. Some Tynemouth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I invested in buying a studio flat in Tynemouth, conveyancing formalities finalised half a dozen 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? Comparable properties in Tynemouth with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2084
With only 64 years left to run the likely cost is going to range between £14,300 and £16,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I am buying a house and cash is in place. My conveyancer has been given with 2 separate proof of photographic identification, bank statement, numerous utility bills. Now he needs a copy from a probate lawyer acknowledging that the funds are legitimate and that it has come from inheritance and not dealing E's in Ibiza.
In today’s world you will not be able to complete any Tynemouth conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering laws.