My wife and I are getting closer to an exchange on a house in Huyton and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has not come from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancing practitioner is obliged 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 report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold residence in Huyton but still pay rent, why is this and what is this?
It’s unusual for properties in Huyton and has limited impact for conveyancing in Huyton 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The conveyancers who did the conveyancing in Huyton 5 years ago have long since closed. Will I be able to sell the house?
In today’s world there are duplicates made of almost everything, and your conveyancer will be aware exactly where to locate all the relevant documentation so you can purchase or dispose of your house without a hitch. Where duplicates are not available, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Huyton I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Huyton suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
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I am employed by a reputable estate agency in Huyton where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Huyton conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Huyton - A selection of Questions you should ask Prior to buying
The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Where a Huyton lease has fewer than eighty years it will impact the marketability of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Huytonlease extensions you will be be obliged to have been the owner of the residence for 24 months before you are eligible to carry out a lease extension. Are any of leasehold owners in dispute over their service charge liability?