I am nearing an exchange on a property in Tickton and my mum and dad have sent the exchange deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. 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 mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Tickton last October but my buyer keeps e-mailing daily complaining that her solicitor is waiting to hear from myconveyancer. What should have happened following completion?
Following your house sale your conveyancer should deliver the transfer deeds and all of the paperwork to the purchaser's solicitors. If applicable, your lawyer must also evidence that the home loan has been repaid to the purchasers lawyers. There is unlikely to be post completion tasks just for conveyancing in Tickton.
The deeds to my house can not be found. The solicitors who did the conveyancing in Tickton 5 years ago are no longer around. What are my next steps?
You no longer need to have the physical official documentation to prove you own the land or premises, given that the Land Registry have everything they need in a digital format.
I'm buying my first flat in Tickton with a mortgage from Barclays Direct. The builders refused to budge the price so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my solicitor about this deal as it may jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Tickton I like with a park and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Tickton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I work for a long established estate agency in Tickton where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Tickton conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a split level flat in Tickton, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Tickton with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2082
With 57 years remaining on your lease we estimate the price of your lease extension to span between £28,500 and £33,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures 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. Please do not take any other action based on this information without first getting professional advice.