I own a freehold residence in South Shields but still pay rent, why is this and what is this?
It’s unusual for properties in South Shields and has limited impact for conveyancing in South Shields 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to use a local conveyancing solicitor in South Shields?
Do check but the the probability is that appoint one of their panel conveyancers where you want the "fee-free" offer. Call the bank and see if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near South Shields.
is it true that all South Shields solicitors on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
The formalities of my remortgage has taken place for my property in South Shields. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
After months of negotiation I have agreed a price on an apartment in South Shields. My mortgage broker recommended their conveyancers. I paid an upfront payment of £150. A few days later, the solicitor contacted me to say that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should I be suspicious that brokers that I am dealing with are recommending a factory type conveyancing firm rather than a High Street South Shields conveyancing firm?
As with lots of service providers, often suggestions from relatives can be very helpful. But there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all put forward lawyers to choose. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the right to choose your own lawyer. However, bear in mind that the majority of banks specify a panel list of solicitors you must use for the lender related work in your home move.
In relation to leasehold conveyancing in South Shields what are the most common lease defects?
Leasehold conveyancing in South Shields is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Barclays Direct 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 buyer to pull out.
I bought a 2 bed flat in South Shields, conveyancing formalities finalised January 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in South Shields with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2091
With only 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
The financial adviser has suggested using their lawyer for our conveyancing in South Shields - Is it not simpler better to just instruct them?
This is not necessarily the case and you are free to opt for whichever conveyancing practitioner you prefer for your South Shields home move. The conveyancer put forward by a 3rd party adviser may not necessarily be the best conveyancing practitioner, they may put forward their preferred conveyancing firm who are based far away. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.