Souldusing a Boldon Colliery conveyancing solicitor make my purchase more efficient?

Boldon Colliery is a unique place, where regional know-how is a significant benefit. The laid-back lifestyle has an upside – just not when it comes to your house move. The conveyancers that we list possess a wealth of Boldon Colliery insight with a professional, hands-onattitude that helps everything runs smoothly. It is a distinct advantage if they enjoy well established rapport with mortgage brokers, local authorities, valuers and counterpart Boldon Colliery conveyancing firms

My wife and I intend to remortgage our penthouse in Boldon Colliery with Virgin Money. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Virgin Money conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?

On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

I am looking for a ground for flat up to £195,000 and identified one round the corner in Boldon Colliery I like with open areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Boldon Colliery in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?

If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Boldon Colliery. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

The majority of houses in Boldon Colliery are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Boldon Colliery so you should seriously consider shopping around for a Boldon Colliery conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I inherited a 1 bedroom flat in Boldon Colliery, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Boldon Colliery with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2096

With just 71 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

Should one as executor remove a deceased person's details from the title deeds for a property in Boldon Colliery?

If a Boldon Colliery property is co-owned and one of the owners passes away, the name will not immediately be removed from the Land Registry title. It is not necessary to remove their name as when it comes to a sale your lawyer would just be required to evidence as to the reason the joint proprietor is missing from the contract, such as a grant of probate.

With the aim of making things simpler for the sale of the property you can arrange to have the deceased person erased from the title by applying to HMLR with evidence of the death. There is no land registry fee payable.