My husband and I are only a couple days away from an exchange on a house in Frizington and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is duty bound to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Are the BSA intent on creating a search tool with a view to to identify practices on the Loughborough BS conveyancing panel for example in Frizington?
We would not expect to be advised of any plans on the part of the BSA to promote such a tool.
I am purchasing a new build house in Frizington with the aid of help to buy. The builders refused to budge the amount so I negotiated 6k of additionals instead. The estate agent told me not to tell my conveyancer about this deal as it could put at risk my loan with Lloyds TSB Bank. Do I keep my lawyer in the dark?.
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.
In my capacity as executor for the estate of my uncle I am selling a residence in Swansea but I am based in Frizington. My lawyer (who is 250 kilometers from merequires that I sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Frizington to witness this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Frizington based
I am tempted by the attractive purchase price for a couple of maisonettes in Frizington both have in the region of forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Frizington is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 a property 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 Frizington 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I acquired a 1st floor flat in Frizington, conveyancing having been completed in 2002. 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? Corresponding flats in Frizington with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2081
With only 56 years unexpired the likely cost is going to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
I am in the process of buying my 1st house in Frizington. Conveyancing solicitor has been selected. The financial consultant suggested that a survey is not needed as the house is just fifteen years old.
At the very least you should have a Home Buyer's Report. As the premises is more than ten years old the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. The report should highlight any obvious problems and recommend further investigation if appropriate. Where there are any indications of problems obtain a comprehensive Building Survey from the beginning.