My husband and I are nearing an exchange on a house in Bedminster and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have recentlybecome aware that Action Conveyancing have closed. They conducted my conveyancing in Bedminster for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bedminster conveyancing specialists.
How does conveyancing in Bedminster differ for newly converted properties?
Most buyers of new build property in Bedminster contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because developers in Bedminster usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bedminster or who has acted in the same development.
Is it simple use the search app to get a costs illustration from a conveyancing practitioner in Bedminster on the panel for my mortgage?
First pick a mortgage company such as HSBC Bank, Leeds Building Society or Bank of Ireland then specify your location such as Bedminster. Conveyancing practices in Bedminster and across England and Wales will then be listed.
I am attracted to a couple of apartments in Bedminster both have approximately forty five years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Bedminster is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bedminster conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a 1 bedroom flat in Bedminster, conveyancing was carried out 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Bedminster with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2075
You have 51 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
We have been advised by numerous family members to expect 6-8 weeks for Bedminster conveyancing to complete.This was 3 ago. The paperwork was only sent from the vendors conveyancer a couple of days ago so now does it countdown?
There is no official countdown for conveyancing in Bedminster, or any area in the UK. You just have to make sure your finances are in order and in due course the rest will come to you eventually.