I am getting closer to an exchange on a flat in Blyth and my parents have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The property lawyer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
The deeds to our property can not be found. The lawyers who did the conveyancing in Blyth 10 years ago have long since closed. What do I do?
Assuming you have a registered title the information relating to your proprietorship will be documented by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, identify your property and obtain current copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I am buying a new build apartment in Blyth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Blyth
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Blyth I like with a park and railway links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Blyth suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
In surfing the internet for the phrase cheap conveyancing in Blyth it reveals numerous solicitorslocally. How do I determine which is the suitable solicitor for me?
The ideal method of choosing the right conveyancer is through a trusted recommendation, so seek the counsel of friends and relatives who have purchased a property in Blyth or a local estate agent or mortgage broker. Fees for conveyancing in Blyth vary, so it's sensible to obtain a minimum of three quotes from different law firms. Be sure to seek confirmation that the charges are assured not to increase.
What are the common problems that you come across in leases for Blyth properties?
There is nothing unique about leasehold conveyancing in Blyth. All leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions 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 buyer to pull out.
Blyth Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Many Blyth leasehold flats will have a service charge for the upkeep of the building set on behalf of the landlord. Should you acquire the apartment you will have to pay this contribution, usually periodically throughout the year. This may be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge to be met annual, normally this is not a large figure, say approximately £50-£100 but you need to enquire it because occasionally it can be surprisingly expensive. It would be prudent to discover if there are any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Blyth. If you like the flatin Blyth yet your dog can’t move with you then you will be presented with a difficult decision. In the main the cost for major works tend not to be built into the maintenance charges, although there some managing agents in Blyth ask leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for larger repairs or maintenance.