I am approaching an exchange on a flat in Bessacarr and my mum and dad have sent the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Bessacarr, FTBs buying with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Bessacarr I like with open areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Bessacarr for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I have been recommended by a few property agents in Bessacarr to choose a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your site over alternative conveyancing organisations?
We refuse to give any referral fee for directing people to this site. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Completion is due on the disposal of our £375,000 maisonette in Bessacarr in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Bessacarr?
Bessacarr conveyancing on leasehold maisonettes normally necessitates administration charges raised by managing agents :
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Completing pre-contract enquiries
Where consent is required before sale in Bessacarr
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a basement flat in Bessacarr, conveyancing was carried out 6 years ago. 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? Equivalent properties in Bessacarr with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2101
With only 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of 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 you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Bessacarr. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Bessacarr are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Bessacarr so you should seriously consider looking for a Bessacarr conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.