We are nearing an exchange on a property in Messingham and my parents have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancer is obliged to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Do commercial conveyancing searches reveal planned roadworks that could affect a commercial property in Messingham?
Many commercial conveyancing solicitors in Messingham will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Messingham. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Messingham.
For every commercial conveyancing transaction in Messingham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Messingham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Messingham.
I am buying a new build apartment in Messingham. 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 conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Messingham
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Due to the encouragement of my in-laws I had a survey completed on a house in Messingham in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some lenders will refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Messingham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Messingham to see if the conveyancing will be more expensive.
I am looking to sell my house. My past lawyers have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in Messingham if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Messingham. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.
I am tempted by the attractive purchase price for a couple of flats in Messingham both have approximately forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Messingham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Messingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a leasehold flat in Messingham, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Messingham with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2080
With only 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.