I am being advised by my conveyancer that lack of right of way insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Whitley Bay?

The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such policies.

How can we tell if a Whitley Bay conveyancing solicitor on the Co-operative panel is any good?

When it comes to conveyancing in Whitley Bay 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 advocate that you speak with the lawyer conducting your transaction.

I was told four weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Whitley Bay is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.

Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.

I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Whitley Bay is the location of the property. Can you offer any assistance?

Flying freeholds in Whitley Bay are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Whitley Bay you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whitley Bay 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 premises.

I am looking into buying my first house which is in Whitley Bay and I am already nervous. I couldn't find anything specific about Whitley Bay. Conveyancing will be needed in due course but do you know about the Whitley Bay area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Whitley Bay. In the meantime here are some basic statistics that we found

We're new on the property ladder - had an offer accepted, but the agent has warned us that the owners will only move forward if we instruct the agent's recommended conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a local solicitor who is familiar with conveyancing in Whitley Bay

We suspect that the seller is unaware of this request. Should the owner require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Speak to the vendors direct and make sure they comprehend that (a)you are serious buyers (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you intend to use your preferred Whitley Bay conveyancing firm - rather thanthose that will provide their negotiator at the agency a referral fee or meet his conveyancing thresholds pre-set by head office.

I am attracted to a couple of maisonettes in Whitley Bay which have in the region of forty five years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Whitley Bay is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, 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 property 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 premises 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 any new 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.

I inherited a 1st floor flat in Whitley Bay, conveyancing having been completed in 2011. Can you work out an approximate cost of a lease extension? Similar properties in Whitley Bay with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease runs out on 21st October 2087

With just 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.