My husband and I are getting closer to an exchange on a house in Buxton and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not come from me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your solicitor is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I bought my house in Buxton. Conveyancing solicitors have now been instructed on the sale but I am unable to track down the deeds. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the lender or they may be archived with the lawyers who oversaw the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Most conveyancing in Buxton relates to registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Buxton so that I can pop in to their offices if necessary.
Most approved lawyers for banks undertake all of the work through the post, e-mail or over phone calls. This enables them to undertake the legal work for your home move regardless of where you live in England or Wales. Nevertheless you can see if you have the option of going to the offices of your conveyancing lawyer if you prefer.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial site in Buxton?
Many commercial conveyancing solicitors in Buxton will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Buxton. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Buxton.
For each commercial conveyancing transaction in Buxton it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Buxton commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Buxton.
I've recently bought a leasehold house in Buxton. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a split level flat in Buxton, conveyancing formalities finalised in 2000. Can you work out an approximate cost of a lease extension? Comparable flats in Buxton with over 90 years remaining are worth £265,000. The ground rent is £50 yearly. The lease finishes on 21st October 2097
With only 76 years unexpired the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
The solicitors undertaking our conveyancing in Buxton has forwarded papers to review that indicate that the land is unregistered with epitome documents. Is it not the case that all properties in Buxton are registered?
It is rare for property in Buxton not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Buxton conveyancing practitioners should be familiar with this type of conveyancing but where uncertainty reigns the usual advice these days is for the current owners to register the title first and then deal with the sale conveyance - this undoubtedly result in a significant delay.