I am nearing an exchange on a house in Bowthorpe and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. 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 disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your lawyer is obliged to clarify 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 reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Do conveyancers ask for money up-front for my conveyancing in Bowthorpe?
If you are buying a property in Bowthorpe your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this should be needed immediately in advance of exchange of contracts. Any further balance that is needed will be payable a couple of days prior to the completion date.
Various online forums that I have visited warn that are the primary reason for delay in Bowthorpe house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Bowthorpe.
Have purchased a a semi-detached house in Bowthorpe , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Bowthorpe conveyancing solicitor has been very slow, so I want to be sure the registration formalities are addressed.
There is nothing unique about conveyancing in Bowthorpe registration formalities. Rather than based on location, timeframes can adjust subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. As of today in the region of 80% of such applications are fully addressed within two weeks but occasionally there can be protracted hold-ups. Historically registration occurs once the new owner has moved in to the property so an expedited registration is not always top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
Due to the advice of my in-laws I had a survey completed on a property in Bowthorpe in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders tend refuse to give a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bowthorpe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bowthorpe to see if the conveyancing will be more expensive.
Expecting to complete next month on a leasehold property in Bowthorpe. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bowthorpe should include some of the following:
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The length of the lease term. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Do you need to have carpet in the flat or are you allowed wood flooring? Additions to the property You should have a good understanding of the insurance obligations
I am the registered owner of a garden flat in Bowthorpe, conveyancing was carried out in 2004. 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? Equivalent flats in Bowthorpe with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2104
With just 80 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. 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. You should not take any other action based on this information without first seeking the advice of a professional.