We are nearing an exchange on a property in Gamlingay and my mum and dad have transferred the exchange 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. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is duty bound to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold property in Gamlingay but still invoiced for rent, why is this and what is this?
It is rare for properties in Gamlingay and has limited impact for conveyancing in Gamlingay but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Just acquired a terraced house in Gamlingay , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Gamlingay conveyancing solicitor has been very slow, so I want to be certain the registration is dealt with.
There is nothing unique about conveyancing in Gamlingay registration formalities. Rather than based on location, timeframes can adjust depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. Currently roughly 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive delays. Registration occurs once the purchaser has moved in to the premises therefore an expedited registration is not always top priority but if it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Gamlingay differ for new build properties?
Most buyers of new build premises in Gamlingay come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Gamlingay usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Gamlingay or who has acted in the same development.
I am looking for a ground for flat up to £305k and found one close by in Gamlingay I like with open areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Gamlingay in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I own a leasehold flat in Gamlingay. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Gamlingay who acted for me is not around. What should I do?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Gamlingay conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Gamlingay Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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What prohibitions are there in the Gamlingay Lease? Be sure to find out if the the lease contains any unreasonable restrictions in the lease. By way of example it is very common in Gamlingay leases that pets are not permitted in certain buildings in Gamlingay. If you love the propertyin Gamlingay but your dog can’t move with you then you will be presented with a difficult compromise. You should be aware that where the lease has less than 80 years it will have adverse implications on the salability of the property. It is worth checking with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Gamlingaylease extensions you would need to own the residence for a couple of years before you are eligible to carry out a lease extension.