My wife and I are nearing an exchange on a house in Birstall and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are purchasing a apartment in Birstall. I might seem paranoid but how we can trust a conveyancer? On completion day we have to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I have arranged the release of further funds on our mortgage from Leeds Building Society as we intend to conduct alterations to our house in Birstall. Do we need to appoint a bricks and mortar Birstall solicitor on the Leeds Building Society conveyancing panel to deal with the paperwork?
Leeds Building Society don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society panel.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Skipton are being difficult. The Birstall solicitor who is on the Skipton conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I completed on my home on 12 October and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Birstall advises it will be registered in a couple of weeks. Are titles in Birstall uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Birstall registration formalities. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. At present roughly three quarters of submission are fully dealt with within 12 days but some can be subject to extensive delays. Historically registration takes place once the buyer is living at the property so an expedited registration is not always primary concern but if it is urgent that the the registration takes place urgently then you or your lawyers can speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Birstall I like with amenity areas and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Birstall suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Monmouth but I am based in Birstall. My conveyancer (who is 300 miles awayneeds me to sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Birstall to witness and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Birstall
I am attracted to a couple of maisonettes in Birstall both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Birstall is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. 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 property 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 Birstall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Leasehold Conveyancing in Birstall - A selection of Questions you should consider Prior to buying
Who are the managing agents? How much is the yearly maintenance fee and ground rent? Plenty Birstall leasehold properties will have a service bill for the upkeep of the block set by the landlord. If you acquire the apartment you will have to pay this amount, normally in instalments during the year. This can vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a ground rent for you to pay annual, this is usually not a significant amount, say approximately £50-£100 but you need to enquire it because occasionally it can be prohibitively expensive.