My partner and I are getting closer to an exchange on a property in Anstey and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The solicitor is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We hope to to purchase with Earl Shilton BS. We have called around locally yet am struggling to find a Anstey conveyancing firm on the Earl Shilton BS panel. Could you help?
Please do take advantage of the find a lender approved solicitor tool on this site. Please choose the lender and type Anstey or your preferred area and you will discover numerous conveyancers offices in Anstey or nearest you.
How does conveyancing in Anstey differ for new build properties?
Most buyers of new build or newly converted property in Anstey contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Anstey tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Anstey or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Anstey is the location of the property. Can you shed any light on this issue?
Flying freeholds in Anstey are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Anstey you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Anstey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been recommended by a couple of local selling agents in Anstey to choose a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your lawyers over and above a competitor’s?
We don’t offer any commission for pointing buyers and sellers to this site. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My wife and I purchased a leasehold flat in Anstey. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Anstey who previously acted has now retired. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Anstey conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a 2 bed flat in Anstey, conveyancing was carried out October 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Anstey with an extended lease are worth £197,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2081
With 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.