My husband and I are only a couple days away from an exchange on a property in Witham and my parents have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The conveyancer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
How up to date is your database of Witham solicitors on the Lloyds conveyancing panel? Do Lloyds send you an updated list?
Witham conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Are the BSA intent on creating a search tool with a view to list law firms on the Melton Mowbray Building Society conveyancing panel for example in Witham?
We have not been informed any plans on the part of the BSA to promote such a register.
I have recentlybecome aware that Action Conveyancing have been shut down. They carried out my conveyancing in Witham for a purchase of a leasehold flat 18 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The easiest method to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Witham conveyancing specialists.
I am looking for a flat up to £245,000 and found one close by in Witham I like with amenity areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Witham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Harry (my fiance) and I may need to let out our Witham garden flat temporarily due to taking a sabbatical. We instructed a Witham conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Witham do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I acquired a ground floor flat in Witham, conveyancing having been completed August 1999. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Witham with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2084
With only 58 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.