I am nearing an exchange on a property in Cheadle and my parents have transferred the exchange deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your property lawyer is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
At what point will exchange of contracts take place for purchase conveyancing in Cheadle and am I required to attend the solicitors branch?
If you are local to one of the conveyancing solicitors in Cheadle you are invited in to sign documents. However, the firms we recommend supply a nationwide conveyancing service and give just as diligent and professional a job for you when communicating with you electronically. The executing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cheadle)to be in the office at the appropriate time.
What can a local search inform me concerning the house my wife and I purchasing in Cheadle?
Cheadle conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search plays a central role in many a Cheadle conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I opted to have a survey completed on a house in Cheadle in advance of appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cheadle. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help identify a Cheadle solicitor on the Platform Home Loans Ltd conveyancing panel? I have wheels and am willing to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the facility on this page. Please select a mortgage company and your location and you will see a number of Cheadle conveyancing lawyers located nearest you. We have listed some Cheadle conveyancing firms at the bottom of this page and you can ring them to verify whether they are on the Platform Home Loans Ltd panel
I am looking at a two apartments in Cheadle which have approximately 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Cheadle is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 Cheadle 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. 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.
Cheadle Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
What is the service charge and ground rent on the apartment? The majority of Cheadle leasehold apartments will incur a service bill for maintenance of the building set by the landlord. Where you purchase the flat you will have to pay this amount, normally periodically accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say about £25-£75 but you need to check it because on occasion it can be many hundreds of pounds. It is important to be aware if redecorating or some other major work is due in the foreseeable future to be shared between the leaseholders and could well materially impact the level of the service charges or result in a specific invoice.