I plan on buying a leasehold flat in Redcar. My Conveyancer has never been on on the mortgage company solicitor list. Can I still appoint my Redcar conveyancing solicitor even though they are not on the mortgage company list of approved lawyers?

You will need to appoint a property lawyer to deal with the legal work required if you need a loan to buy your property. They will conduct all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in order. One may select a Redcar solicitor of your choosing. Nevertheless, where the conveyancing practitioner appointed is not a member of the lender approved list further costs will be levied as separate legal representation will be need by the bank. Bank panel applications may be submitted, so if your conveyancer has not historically sought membership they can do so.

My grandson is about to exchange on a new build apartment in Redcar with a mortgage from Yorkshire BS. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?

The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

Is there a reason why leasehold purchase conveyancing in Redcar is more expensive?

In short, leasehold conveyancing in Redcar and Redcar and Cleveland usually involve extra work compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning the service of appropriate notices, securing up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Redcar is where the house is located. What do you suggest?

Flying freeholds in Redcar are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Redcar you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Redcar may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

I work for a busy estate agency in Redcar where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Redcar conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Leasehold Conveyancing in Redcar - Sample of Questions you should ask before Purchasing

Is the freehold reversion owned collectively by the tenants? You should be aware that where the lease has no more than eighty years it will have adverse implications on the value of the property. Check with your bank that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension at some point and it is worth discovering how much this would cost. For most Redcarlease extensions you would be required to have owned the premises for two years before you are entitled to carry out a lease extension. Please tell me if there are any major works anticipated that could increase the maintenance fees?