Me and my fiance are buying a 2 bedroom flat in Tynemouth with a mortgage. We have a Tynemouth conveyancer, however the bank says she’s not on their "panel". We have to appoint one of the bank panel firms or continue with our Tynemouth conveyancing practitioner as well as pay for one of their panel firms to represent them. This feels very unfair; can we not insist that the mortgage company use our Tynemouth conveyancing practitioner ?

No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: 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. Another option that might be available is for your Tynemouth conveyancing solicitor to apply to be on the conveyancing panel.

I own a freehold residence in Tynemouth but still invoiced for rent, why is this and what is this?

It is rare for properties in Tynemouth and has limited impact for conveyancing in Tynemouth 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Tynemouth?

Unless a previous acquisition of the property completed post 12 October 2013 you could expect solicitors handling conveyancing in Tynemouth to continue to suggest a chancel search and or insurance against a claim.

I have been recommended by a few estate agents in Tynemouth to get a quote from a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to promote your lawyers ahead of another?

We refuse to make any referral fee for sending work in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

What are the frequently found problems that you come across in leases for Tynemouth properties?

Leasehold conveyancing in Tynemouth is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Tynemouth - Sample of Queries Prior to buying

Who is in charge of the block? You should be aware if it is less than 80 years it will affect the value of the apartment. Check with your mortgage company that they are content with residual term of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be required to have owned the residence for a couple of years before you are legally able to exercise a lease extension. Its a good idea to find out as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day matters such as the upkeep of the common parts. Ask other people if they are happy with their service. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the relevant party and precisely what it includes.