We are approaching an exchange on a property in Alford and my mum and dad have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your property lawyer is duty bound to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
It is is a decade since I bought my property in Alford. Conveyancing lawyers have recently been retained on the sale but I am unable to locate the title documents. Is this a major issue?
Don’t worry too much. First there is a chance that the deeds will be retained by your lender or they could be in the possession of the solicitor who handled the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. The vast majority of conveyancing in Alford relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
My partner and I are at the point of looking at houses in Alford and I am now considering a potential offer. Is it advisable to have a solicitor on ‘stand by’? I am planning to take a mortgage with Virgin Money.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are seeking a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
The formalities of my remortgage has taken place for my property in Alford. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
At last I have had an offer on an apartment in Alford accepted, the vendors do however have a dependent purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have selected a local conveyancing solicitor in Alford. What do I do now? When do I get the mortgage application with Aldermore going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Alford conveyancing search charges, etc). First, you must check that your conveyancer is on the Aldermore conveyancing panel. Concerning the subsequent phase this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a buoyant market some purchasers will apply for the mortgage with Aldermore and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with searches.
Various internet forums that I have frequented warn that are a common reason for delay in Alford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Alford.
About to purchase a new build apartment in Alford. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Alford
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have recently realised that I have Sixty One years unexpired on my flat in Alford. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent may be useful to try and locate and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Alford.
I invested in buying a basement flat in Alford, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Alford with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease expires on 21st October 2090
With just 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on 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. You should not move forward based on this information before getting professional advice.