I am only a couple days away from an exchange on a house in Ledbury and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. 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 advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your conveyancer is obliged to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I bought my property in Ledbury. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down the title deeds. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be with the mortgage company or they may be in the possession of the conveyancers who handled the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Ledbury involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a Ledbury based conveyancing firm?
Do check but the chances are that give you one of their panel lawyers if you accept the "fee-free" incentive. Call the bank to explore if they make available a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Ledbury.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Ledbury is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ledbury are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ledbury you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ledbury may ascertain 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.
What makes your site different to other web based conveyancing solicitors when it comes to conveyancing in Ledbury?
At this site receive a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Ledbury. As opposed to estate agents and many comparison sites we do not operate kick-back arrangements with solicitors. Some agents and online brokers 'recommend' the firm paying the most commission, as opposed to the best value conveyancing in Ledbury
Do you have any advice for leasehold conveyancing in Ledbury from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Ledbury can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers. Some Ledbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. Many freeholders or managing agents in Ledbury levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Ledbury. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Ledbury leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such changes. Where you dont have the approvals to hand do not contact the landlord without contacting your conveyancer in the first instance.
I own a 1 bedroom flat in Ledbury, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Ledbury with an extended lease are worth £255,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2095
With only 73 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.