My husband and I are getting closer to an exchange on a property in Blaby and my parents have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has not arrived from me my conveyancing practitioner 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 mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know concerning purchase conveyancing in Blaby?
You may not hear this from too many lawyers but conveyancing in Blaby or throughout Leicestershire is often a confrontational process. In other words, when it comes to conveyancing there is plenty of opportunity for conflict between you and others involved in the ownership transfer. For instance, the seller, selling agent and even potentially the lender. Selecting a lawyer for your conveyancing in Blaby is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose responsibility is to protect your best interests and to keep you safe.
Every so often a potential adversary will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by claiming that your solicitor is wrong. Or your financial adviser may advise you to do something that is contrary to your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am buying a new build flat in Blaby. Conveyancing is daunting 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 legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Blaby
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There must be mutual enforceability of lessee’s covenants. 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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the advice of my in-laws I had a survey completed on a house in Blaby in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks may refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Blaby. Conveyancing will be smoother if you use a solicitor in Blaby especially if they are familiar with such properties in Blaby.
Last June I purchased a leasehold property in Blaby. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a split level flat in Blaby, conveyancing formalities finalised in 2000. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Blaby with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2083
With just 58 years left to run we estimate the premium for your lease extension to range between £23,800 and £27,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
The estate agent has suggested using their conveyancing practitioner for the conveyancing in Blaby - won’t it be easier to just instruct them?
This is not necessarily the case and you are entitled to instruct whichever conveyancing practitioner you decide for your Blaby home move. The lawyer suggested by an estate agent may not always be the best lawyer, they may put forward their own conveyancing firm who are based remotely. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.