My wife and I are nearing an exchange on a flat in Stoke Park and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your lawyer is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Should commercial conveyancing searches disclose planned roadworks that could affect a commercial estate in Stoke Park?
Many commercial conveyancing solicitors in Stoke Park will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Stoke Park. The search result 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 Stoke Park.
For every commercial conveyancing transaction in Stoke Park it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Stoke Park commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Stoke Park.
The deeds to our house are lost. The solicitors who handled the conveyancing in Stoke Park 5 years ago have long since closed. Will I be able to sell the house?
Gone are the days when you need to have the physical official documentation to evidence that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
I am buying my first flat in Stoke Park benefiting from help to buy. The sellers refused to move on the price so I negotiated £7000 of extras instead. The property agent suggested that I not to tell my conveyancer about this side-deal as it could jeopardize my loan with Halifax. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In what way does the Landlord & Tenant Act 1954 impact my business property in Stoke Park and how can your lawyers assist?
The 1954 Act gives protection to commercial tenants, giving them the legal entitlement to make a request to court for a renewal lease and continue in occupation at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Stoke Park is one of the numerous locations in which the firms we work with are located
I am looking at a two maisonettes in Stoke Park both have approximately forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Stoke Park. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorates and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
I own a split level flat in Stoke Park, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Stoke Park with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2090
With 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.