My wife and I are nearing an exchange on a flat in Ashford Kent and my parents have sent the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is legally required to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I have a terraced Victorian house in Ashford Kent. Conveyancing solicitor represented me and Halifax. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ashford Kent and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing practitioner who conducted the purchase.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a simple, chain free conveyancing. Ashford Kent is the location of the property. Can you offer any guidance?
Flying freeholds in Ashford Kent are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ashford Kent you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ashford Kent may ascertain 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 premises.
My husband and I are first time buyers - agreed a price, yet the estate agent advised that the seller will only move forward if we use the agent's preferred conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in Ashford Kent
We suspect that the owner is unaware of this ultimatum. Should the vendor want ‘a quick sale', taking such a hostile approach to a serious purchaser is counter productive. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are ready to progress, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you intend to appoint your preferred Ashford Kent conveyancing firm - not the ones that will provide their negotiator at the agency a kickback or achieve conveyancing thresholds set by corporate headquarters.
I am tempted by the attractive purchase price for a two maisonettes in Ashford Kent which have about 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Ashford Kent is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ashford Kent conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a leasehold flat in Ashford Kent, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Ashford Kent with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2096
You have 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
My husband and I intend to purchase our first home in Ashford Kent. Conveyancing practitioner already selected. The financial consultant pointed out that a survey is not necessary as the house is only 20 yrs old.
You would be well advised to undertake a Home Buyer's Report. As the premises was built more than a decade ago the property will be without a warranty, so you don't want to take a risk. For a property that age with no signs of problems a Home Buyer's report may suffice. They will highlight any apparent issues and recommend further investigation where appropriate. If there are any signs of problems obtain a full structural survey.