My wife and I are getting closer to an exchange on a house in Stockwood and my parents have sent the ten percent deposit to my lawyer. 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. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The property lawyer is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold residence in Stockwood but still pay rent, why is this and what is this?
It’s unusual for properties in Stockwood and has limited impact for conveyancing in Stockwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am helping my niece sell her flat in Stockwood. Will the conveyancer arrange the energy performance certificate or it is for the owner to coordinate?
Following the abolition of Home Packs, EPC’s was left as a compulsory element of moving house. An energy assessment should be commissioned in advance of the property being marketed. This is not a task that solicitors ordinarily arrange. Where you are using a Stockwood conveyancing solicitor they might be willing to arrange energy assessments given their contacts with long established local assessors
I just bought a property at auction in Stockwood. Conveyancing is required. What is next?
Having exchanged you should choose a conveyancing practitioner as a matter of priority as you now have a fast approaching deadline in which to complete the deal. All auction property should have an associated auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are organised to complete on the on the contractual date .
After months of negotiation I have agreed a price on an apartment in Stockwood. My financial adviser suggested a solicitor. I paid an on account payment of £175. A few days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am looking for a ground for flat up to £305k and identified one round the corner in Stockwood I like with a park and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Stockwood for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
My husband and I are one month into a residential purchase having been recommend to conveyancers by the estate agent to carry out the conveyancing in Stockwood. I am am very disappointed with the level of service. Can you help me find new lawyers?
They would need to be very poor in order to consider diss instructing them. Has the mortgage offer been sent? If so you must make them aware of the new lawyer and have the mortgage documents are issued to the new lawyers. Your conveyancer should be on the mortgage company approved list to avoid supplemental expenses and delays. That should be your starting point. Our find a solicitor tool can help you find a lender approved solicitor for your conveyancing in Stockwood
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300,000 flat in Stockwood in just under a week. The freeholder has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Stockwood?
Stockwood conveyancing on leasehold flats normally necessitates administration charges levied by freeholders :
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Completing pre-exchange questions
Where consent is required before sale in Stockwood
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a 1st floor flat in Stockwood, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Stockwood with over 90 years remaining are worth £179,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2079
With only 57 years left to run the likely cost is going to be between £26,600 and £30,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.