What happens if my solicitor is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in East Boldon?

The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. East Boldon is where the house is located. Can you offer any advice?

Flying freeholds in East Boldon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Boldon you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Boldon may determine 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 property.

My father-in-law has recommend that I use his conveyancing solicitors in East Boldon. Should I use them?

No doubt the best way to select a conveyancing lawyer is to seek guidance from friends or relatives who have actually previously instructed the solicitor that you are considering.

Are there frequently found deficiencies that you see in leases for East Boldon properties?

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

A provision for the recovery of money spent for the benefit of another party.

You may 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. Lloyds TSB Bank, Skipton Building Society, and Barclays Direct 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 purchaser to withdraw.

I acquired a leasehold flat in East Boldon, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in East Boldon with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2094

With 70 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

My wife and I accepted an offer on a East Boldon ground floor flat left to us seven years ago in 2010. I have over twenty years conveyancing know-how and, now retired, wish to undertake the conveyancing. The purchaser's conveyancer has informed me that their building society will not allow you to do your own conveyancing mandating that the funds to be transferred to a solicitor's bank account.

Lending requirements to conveyancers from all mainstream lenders specify that If the vendor does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether or not they are willing to move forward.