I am nearing an exchange on a flat in Whitley Bay and my parents have sent the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?

The lawyer is obliged to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.

I require quick conveyancing in Whitley Bay as I am under an ultimatum to complete inside one month. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?

If.Given you are not taking a home loan you are at liberty not to have searches carried out although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Whitley Bay the following are instances of what can show up and adversely affect the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...

The deeds to my home can not be found. The solicitors who did the conveyancing in Whitley Bay 10 years ago have long since closed. What are my next steps?

Gone are the days when you need to have the physical official documentation to evidence that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.

I'm remortgaging my existing property to a buy to let loan with Chelsea Building Society and I will use the ballance of the raised equity towards a second property. The area we are talking about is Whitley Bay. Will your lawyers be able to act for both sets of lenders and link together the conveyances?

Make use of our comparison tool on this site to ensure that the lawyers are on the appropriate lender panels. On the basis that they are your conveyancer should be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and communicate your expectations and requirements.

I am tempted by the attractive purchase price for a two flats in Whitley Bay which have about fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Whitley Bay is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and lenders, leases with less than 75 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 premises 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 Whitley Bay 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. 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.

Whitley Bay Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

Who takes charge for maintaining and repairing the block? Best to be warned whether window replacement or some other significant cost is coming up to be shared amongst the tenants and could well dramatically increase the the service costs or result in a specific payment. How much is the ground rent and service charge?