I am approaching an exchange on a house in Edgbaston and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Finally the sale completed on my house in Edgbaston last March yet the purchaser is e-mailing me to say their lawyer is waiting to hear from mine. What are the post completion sale formalities following completion?
Post completion of your sale your conveyancer is obliged to deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. If applicable, your conveyancer must also evidence that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion tasks peculiar conveyancing in Edgbaston.
Me and my brother have a renovated Georgian property in Edgbaston. Conveyancing solicitor represented me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Edgbaston and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing practitioner who conducted the purchase.
I am purchasing my first flat in Edgbaston benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of extras instead. The property agent told me not to tell my solicitor about the side-deal as it will affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Edgbaston. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Edgbaston are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Edgbaston in which case you should be shopping around for a Edgbaston conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I own a basement flat in Edgbaston, conveyancing was carried out in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Edgbaston with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2095
With 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Me and my wife have agreed a price on a Edgbaston apartment left to us 5 years ago in 2011. I have over a decades worth of conveyancing know-how and, now retired, wish to conduct my own conveyancing. The purchaser's solicitor has informed me that their Lenders will not allow you to do your own conveyancing insisting the funds to be passed via a solicitor's bank account.
Lending requirements to solicitors from all CML members state that If the vendor is not legally represented the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be made if they are prepared to progress.