I am nearing an exchange on a flat in Gurnard and my parents have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The lawyer is obliged to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
What can a local search tell me concerning the house I am purchasing in Gurnard?
Gurnard conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search plays an important role in many a Gurnard conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (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 thirteen topic sections.
Me and my brother own a semi-detached Georgian house in Gurnard. Conveyancing practitioner represented me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Gurnard and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing lawyer who conducted the conveyancing.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Gurnard is where the house is located. Can you offer any advice?
Flying freeholds in Gurnard are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gurnard you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gurnard may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My brother has suggested that I use his conveyancers in Gurnard. Do I follow his guidance?
There are no two ways about it the best way to select a conveyancing lawyer is to have recommendations from friends or relatives who have previously instructed the solicitor you're contemplating using.
In relation to leasehold conveyancing in Gurnard what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Gurnard. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain parts of the property
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I purchased a split level flat in Gurnard, conveyancing formalities finalised in 2010. How much will my lease extension cost? Equivalent properties in Gurnard with a long lease are worth £197,000. The ground rent is £55 per annum. The lease expires 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 costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.