My partner and I are approaching an exchange on a flat in Moreton and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
It is is a decade since I purchased my home in Moreton. Conveyancing lawyers have recently been instructed on the sale but I am unable to find the title deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be with the lender or they could stored with the solicitor who handled your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Moreton involves registered property but in the unlikely event that your home is not registered it is more tricky but is resolvable.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Moreton I like with open areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Moreton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Is it possible to transfer to a new conveyancer as I need to retain one who is on the Britannia conveyancing list. I was using a local conveyancing solicitor in Moreton round the corner but she is not approved by Britannia
We will our best to assist in finding you a conveyancing solicitor in Moreton on the Britannia panel. Please note that the property lawyers that we list do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Moreton. In utilising search facility on this page, you can scrutinise charges for conveyancing solicitors in Moreton and throughout England and Wales.
Jane (my partner) and I may need to let out our Moreton basement flat temporarily due to a career opportunity. We instructed a Moreton conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Moreton do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I invested in buying a studio flat in Moreton, conveyancing having been completed 3 years ago. How much will my lease extension cost? Similar properties in Moreton with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2086
You have 64 years remaining on your lease we estimate the price of your lease extension to range between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
We have just found out that one of the directors of the solicitors handling the purchase conveyancing in Moreton is related to the owners that we are purchasing from. Is this permitted?
As long as there is no conflict of interest this is permitted. If you are requiring mortgage finance then the bank may have a say as many mortgage companies have specific requirements on this. For example for RBS - Virgin One as of 5/5/2022, the requirements read as follows :