We are approaching an exchange on a flat in Lancaster and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your solicitor is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My aunt passed away six months ago and as sole heir and executor I was left the property in Lancaster. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Leeds Building Society, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Leeds Building Society will require that you use a conveyancer on the Leeds Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Leeds Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Leeds Building Society mortgage is registered as a charge at the Land Registry.
My aunt advised me that in buying a property in Lancaster there may be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Lancaster which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Lancaster should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My wife and I are in the throws of looking at apartments in Lancaster and I am about to put in an offer. Is it advisable to have my conveyancer on ‘stand by’? I intend to finance via a home loan with Coventry BS.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are seeking a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
After shopping around on the internet I have found a Lancaster solicitor having made sure that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lancaster surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Lancaster I like with amenity areas and transport links in the vicinity, however it's only got 61 years on the lease. There is not much else in Lancaster in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Completion is due on the disposal of our £300,000 apartment in Lancaster next week. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Lancaster?
Lancaster conveyancing on leasehold flats more often than not involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are at liberty to charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Lancaster Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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What is the yearly maintenance fee and ground rent? How many years are left on the lease? In the main the cost for major works are not built into the service charges, albeit that some managing agents in Lancaster obliged leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.
The estate agent has recommended their conveyancing practitioner for my conveyancing in Lancaster - won’t it be easier to just use them?
You need to establish if the estate agent is recommending a conveyancing practitioner or introducing to a solicitor. There are plenty of Lancaster selling agents who recommend two or three Lancaster conveyancing firms purely based on those lawyers offering a great service.