I am approaching an exchange on a house in Addlestone and my mum and dad have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The property lawyer is legally required to clarify with the bank to ensure that they are aware 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.
Can you explain why leasehold purchase conveyancing in Addlestone is more expensive?
The conveyancing costs for a leasehold property in Addlestone is often greater as compared to a freehold residence. This is due to the supplemental work necessary in corresponding with the freeholder and management company to collate the evidence about whether the rent and service charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
I decided to have a survey carried out on a property in Addlestone before retaining solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks will not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Addlestone. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon spend 450k on a garden flat in Addlestone I would like to have a conversation with the solicitor concerning theconveyancing before instructing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the lawyer who will be doing your property ownership legalities in Addlestone.There is no ‘factory style conveyancing’ - every client is an important person, not a file reference. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Addlestone should be the amount on the final invoice that you end up paying.
We are 17 days into a residential purchase having been referred to conveyancers by the selling agent to execute conveyancing in Addlestone. I am not happy. Can you you assist me in finding new lawyers?
They would need to be very poor in order to consider replacing them. Has your mortgage been generated? In the event that it has you must inform them of the replacement lawyer and ensure the offer are re-sent. The solicitor ideally needs to be on the mortgage company approved list to avoid supplemental expenses and complications. So that should be your first question of the new solicitors. The find a solicitor tool can assist you in finding a bank approved conveyancer for your conveyancing in Addlestone
I am attracted to a two maisonettes in Addlestone both have about fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
We have reached the end of our tether in trying to purchase the freehold in Addlestone. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Addlestone conveyancing firm who can help.
An example of a Lease Extension case for a Addlestone flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired residue of the current lease was 82.93 years.