We are nearing an exchange on a house in Henllan and my mum and dad have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor 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 informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The solicitor is legally required to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Henllan?
If you are buying a property in Henllan your solicitor will request that you put them with monies to cover the search fees. Generally this is needed to cover the fees of the Local Authority Search. If any deposit is payable against the total price then this should be asked for shortly prior to exchange of contracts. The closing balance that is due should be transferred shortly before completion.
I note that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a property in Henllan? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this relevant for conveyancing in Henllan?
Unless a previous purchase of the property completed post 12 October 2013 you may expect conveyancing practitioners handling conveyancing in Henllan to remain encouraging a chancel search and or chancel repair liability insurance.
Just had an offer accepted on a new build apartment in Henllan. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Henllan
-
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared.
Due to the advice of my in-laws I had a survey completed on a house in Henllan in advance of retaining conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders tend refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Henllan. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Henllan to see if the conveyancing will be more expensive.
Can you provide any top tips for leasehold conveyancing in Henllan from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Henllan can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors. You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Some Henllan leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a new share certificate can be a lengthy formality and slows down many a Henllan conveyancing transaction. If a new share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
Henllan Leasehold Conveyancing - A selection of Queries Prior to Purchasing
-
Best to be warned if fixing the lift or some other major work is due shortly to be shared between the leasehold owners and will materially increase the the service fees or require a specific invoice. You should want to find out as much as possible concerning the managing agents as they will either make life much simpler or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues like the tidiness of the communal areas. Ask other tenants if they are happy with their service. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money. On the whole the outlay for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Henllan ask leasehold owners to pay into a sinking fund and this is used to offset against larger works.