When does exchange of contracts occur in purchase conveyancing in Tyne And Wear and do I need to attend the solicitors office?

If you are round the corner to our conveyancing solicitors in Tyne And Wear you are welcome to attend to sign documents. However, the law practices we work with provide a nationwide conveyancing service and give just as comprehensive and professional a job for you when communicating with you by post or email. The signing of the sale agreement is not the important part. A signed contract simply enables the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Tyne And Wear)to be in the office at the appropriate time.

My flat in Tyne And Wear is up for sale and I have a buyer. Will my lawyer have to be required to be on the Kent Reliance conveyancing panel in order to deal with redeeming my mortgage?

Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.

It has been 4 months since my purchase conveyancing in Tyne And Wear took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

The estate agent has sent us the confirmation of our purchase of a new build flat in Tyne And Wear. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Tyne And Wear

Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.

I've recently bought a leasehold property in Tyne And Wear. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Tyne And Wear Leasehold Conveyancing - A selection of Queries before Purchasing

For many Tyne And Wear leaseholds the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Tyne And Wear ask leaseholders to pay into a sinking fund and this is used to offset against larger repairs or maintenance. The majority of Tyne And Wear leasehold flats will have a service charge for maintenance of the block set on behalf of the management company. Where you acquire the apartment you will have to meet this contribution, normally periodically during the year. This can be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a significant amount, say approximately £50-£100 but you should to enquire it because on occasion it could be many hundreds of pounds. Does the lease have onerous restrictions?