Why do I have to pay up front for my conveyancing in Penshaw?

If you are buying a property in Penshaw your solicitor will request that you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this should be required immediately ahead of contracts are exchanged. Any further balance that is needed will be payable shortly before completion.

I am in the process of mortgaging my flat in Penshaw, does my lawyer have to be on the Barclays Conveyancing panel?

In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

What does a local search tell me concerning the property I am buying in Penshaw?

Penshaw conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for instance Searches UK The local search is essential in every Penshaw conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.

I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Penshaw is the location of the property. Can you shed any light on this issue?

Flying freeholds in Penshaw are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penshaw you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penshaw may ascertain 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 residence.

Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Penshaw. I now want to extend my lease but my landlord is missing. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. For most situations a specialist would be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Penshaw.

I bought a split level flat in Penshaw, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Penshaw with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2090

With 66 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.