My wife and I are getting closer to an exchange on a property in Swanland and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor 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 resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
3 months have gone by since my purchase conveyancing in Swanland concluded. 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 premises 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.
I am buying my first flat in Swanland benefiting from help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The house builders rep told me not inform my solicitor about the extras as it may impact my mortgage with HSBC Bank. Is this normal?.
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.
How does the Landlord & Tenant Act 1954 affect my business property in Swanland and how can you help?
The 1954 Act affords a safeguard to business lessees, granting the right to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Swanland
Can you provide any advice for leasehold conveyancing in Swanland with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Swanland can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers’ conveyancers. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Arranging a replacement share certificate is often a time consuming formality and frustrates many a Swanland conveyancing deal. If a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Swanland leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you dont have the consents to hand do not contact the landlord without checking with your solicitor in advance. You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Leasehold Conveyancing in Swanland - Sample of Questions you should ask Prior to Purchasing
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The best form of lease arrangement is a share of the freehold. In this situation the tenants benefit from control and although a managing agent is often employed where it is larger than a house conversion, the managing agent retained by the leaseholders. The majority of Swanland leasehold properties will have a service charge for the upkeep of the building invoiced by the landlord. If you purchase the apartment you will have to pay this amount, usually in instalments throughout the year. This may be anything from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay annual, ordinarily this is not a large sum, say around £50-£100 but you should to enquire it because on occasion it could be many hundreds of pounds. How many of the leaseholders are in arrears for their service charge payments?
I have just started marketing my ground floor apartment in Swanland.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as usual as all rents and maintenance payments should be apportionedon completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process