We are only a couple days away from an exchange on a flat in Robin Hoods Bay and my parents have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The lawyer is duty bound to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Robin Hoods Bay?
Many commercial conveyancing solicitors in Robin Hoods Bay will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Robin Hoods Bay. The report 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 Robin Hoods Bay.
For every commercial conveyancing transaction in Robin Hoods Bay it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Robin Hoods Bay commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Robin Hoods Bay.
three months have elapsed since my purchase conveyancing in Robin Hoods Bay completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Robin Hoods Bay differ for newly converted properties?
Most buyers of new build property in Robin Hoods Bay approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Robin Hoods Bay tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Robin Hoods Bay or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Robin Hoods Bay I like with a park and transport links nearby, however it's only got 61 years on the lease. There is not much else in Robin Hoods Bay in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I own a leasehold house in Robin Hoods Bay. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Robin Hoods Bay who previously acted has long since retired. What should I do?
First contact HMLR to be sure that this person is in fact the new freeholder. There is no need to instruct a Robin Hoods Bay conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Robin Hoods Bay Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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How many years remain on the lease? It is important to be aware whether fixing the lift or some other significant cost is pending to be shared amongst the leasehold owners and will materially increase the the service fees or result in a specific payment. Are any of leasehold owners in arrears of their service charge payments?