We're in Cullercoats, FTBs buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.

This question may be naive but I am unexperienced as a 1st time buyer of a ground floor flat in Cullercoats. Do I collect the keys to the premises on completion from my solicitor? If this is the case, I will use a local conveyancing solicitor in Cullercoats?

On the day of completion you will not be required to attend the conveyancers office in Cullercoats. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be invited to pick up the keys from the property Agents and move into your new home. This tends to happen early afternoon.

When it comes to lenders such as Yorkshire BS, do Cullercoats conveyancing practitioners have to pay a fee to be on the list of approved solicitors?

We are not aware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.

How can we tell if a Cullercoats conveyancing solicitor on the Leeds Building Society panel is any good?

When it comes to conveyancing in Cullercoats getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your conveyancing.

Will my solicitor be asking questions regarding flooding as part of the conveyancing in Cullercoats.

The risk of flooding is if increasing concern for solicitors dealing with homes in Cullercoats. Plenty of people will acquire a house in Cullercoats, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Solicitors are not best placed to give advice on flood risk, however there are a various checks that can be carried out by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Cullercoats. The standard property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out whether the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a purchaser could bring a claim for damages resulting from an inaccurate response. The buyer’s solicitors should also carry out an environmental search. This will reveal whether there is a recorded flood risk. If so, further inquiries will need to be carried out.

I opted to have a survey done on a property in Cullercoats in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks tend refuse to issue a loan on this type of house.

It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cullercoats. Conveyancing may be slightly more expensive based on your lender's requirements.

Looking forward to exchange soon on a leasehold property in Cullercoats. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Cullercoats should include some of the following:

Additions to the property Ground rent - what is due and when you need to pay, and be on notice if this is subject to change The length of the lease term. You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years Whether the lease restricts you from subletting the flat, or having a home office for business An explanation concerning the obligations in the lease to to contribute towards maintenance costs - in relation to the building, and the wider rights a leaseholder has

I own a ground floor flat in Cullercoats, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Cullercoats with a long lease are worth £202,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2082

With just 57 years unexpired the likely cost is going to be between £28,500 and £33,000 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.