We are getting closer to an exchange on a house in Seascale and my parents have transferred the exchange deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer needs to make a notification to my lender. I am advised that, 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 bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is legally required to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Seascale so that I can pop in to their offices when needed.
As opposed to twenty years ago, most banks no longer oblige their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to hand over ID documents and there are still distinct advantages to using a local ayer, in your case a conveyancing solicitor in Seascale.
Just bought a detached house in Seascale , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Seascale conveyancing solicitor works at snail pace, so I want to check the registration is dealt with.
As far as conveyancing in Seascale is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any other parties. Currently approximately 80% of submission are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs once the purchaser has moved in to the property thus 'speed' is not usually top priority but where there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Seascale I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Seascale suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
How easy is it to use your search facility to find a conveyancing practitioner in Seascale on the panel for my mortgage?
Step one is to pick a mortgage company such as Accord Mortgages Ltd, Norwich and Peterborough Building Society or Nottingham Building Society then choose your location such as Seascale. Conveyancing firms in Seascale and nationally will then be listed.
Can you provide any top tips for leasehold conveyancing in Seascale with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Seascale can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers’ conveyancers. If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Seascale conveyancing transaction. Where a duplicate share is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Seascale leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer before hand. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
Seascale Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this arrangement the tenants enjoy control and even though a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent is directed by the tenants. Be sure to investigate if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Seascale. If you like the flatin Seascale but your cat is not allowed to live with you then you will be presented with a difficult determination. The answer will be important as a) areas could cause problems for the building as the common areas may start to deteriorate where repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will want to know about it