I plan on purchasing a leasehold flat in Amble. My property lawyer is not listed on the bank approved list. Is it possible for me to retain my Amble conveyancing solicitor notwithstanding that they are excluded from the bank panel?

One must use a property lawyer to deal with the legal work required when you need a loan to purchase your property. The property lawyer will carry out all the necessary legal checks on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage documentation is in place. You could instruct a Amble conveyancing practitioner of your choice. However, where the conveyancer selected is not on the bank approved list supplemental fees will arise as separate legal representation will be need by the bank. Conveyancing panel applications can be submitted, so if your solicitor has not historically applied for membership they should do so.

I am buying a new build house in Amble with a mortgage from Chelsea Building Society. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my conveyancer about the deal as it could put at risk my loan with the lender. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Amble I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Amble in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

If you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.

How do I use the search app to get a costs illustration from a conveyancing practitioner in Amble on the authorised to act for my bank?

1st select a lender such as Halifax, Bank of Scotland or Alliance & Leicester then type in your location such as Amble. Conveyancing practices in Amble and beyond should be shown.

What are the common defects that you witness in leases for Amble properties?

Leasehold conveyancing in Amble is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

Clauses dealing with recovering service charges for expenditure on the building or common parts.

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

I purchased a 1st floor flat in Amble, conveyancing was carried out May 2001. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Amble with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2091

With 65 years left to run we estimate the price of your lease extension to be between £13,300 and £15,400 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.