We are getting closer to an exchange on a house in Niton and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, 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 advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancer is legally required to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am considering mortgaging my apartment in Niton, does my lawyer need to be on the Virgin Money Conveyancing panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Me and my brother purchased a 4 bedroom Edwardian property in Niton. Conveyancing solicitor acted for me and Nationwide Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Nationwide Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Niton and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
Just had an offer accepted on a new build flat in Niton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Niton
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Am I better off to use a Niton conveyancing solicitor who is local to the property I am hoping to buy? An old friend can deal with the legal work however his firm is located over three hundred miles away.
The benefit of a high street Niton conveyancing firm is that you can visit the firm to execute documents, deliver your ID and pester them if necessary. They will also have local knowledge which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that must trump using an unknown Niton conveyancing solicitor just because they are based in the area.
Estate agents have just been given the go-ahead to market my garden flat in Niton. Conveyancing lawyers have not yet been instructed, but I have recently received a quarterly service charge demand – Do I pay up?
It best that you clear the maintenance contribution as you normally would as all ground rent and service payments should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Niton - Sample of Questions you should consider Prior to buying
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Is the freehold reversion owned jointly by the tenants? You should be aware if it is less than eighty years it will have adverse implications on the marketability of the flat. It is worth checking with your mortgage company that they are content with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. For most Nitonlease extensions you would need to own the property for a couple of years in order to be eligible to exercise a lease extension.