We are nearing an exchange on a flat in Northwood and my mum and dad have sent the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Northwood is more expensive?
The conveyancing charges on a leasehold property in Northwood is inevitably higher than on a freehold transaction. This is because there is an amount of supplemental investigations required in dealing with the landlord and management company to obtain information about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
What does a local search inform me concerning the house we're purchasing in Northwood?
Northwood conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Searchflow The local search plays an important part in most Northwood conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Northwood I like with open areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Northwood for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
My father has encouraged me to use his lawyers for conveyancing in Northwood. Should I use them?
There are no two ways about it the ideal way to select a conveyancing lawyer is to have feedback from friends or family who have used the conveyancer you're considering.
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Northwood. I now want to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent would be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Northwood.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Northwood. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the amount due.
An example of a Lease Extension matter before the tribunal for a Northwood residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired residue of the current lease was 71 years.