My wife and I are nearing an exchange on a flat in Brighstone and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The property lawyer is obliged to clarify 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 disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Brighstone is more expensive?
Brighstone leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
What happens if my solicitor is expelled from the UBS Solicitor panel ahead of completing my conveyancing in Brighstone?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Brighstone differ for new build properties?
Most buyers of new build residence in Brighstone come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Brighstone usually purchase the land, 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 property lawyers 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 used to new build conveyancing in Brighstone or who has acted in the same development.
I am on look out for some leasehold conveyancing in Brighstone. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Brighstone - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a leasehold flat in Brighstone, conveyancing having been completed 10 years ago. How much will my lease extension cost? Comparable properties in Brighstone with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2077
You have 52 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
My step-mother completed her conveyancing in Brighstone Six years past. She has got married, widowed and is now married again. She now wishes to the sell the Brighstone property. I suspect that she will just be asked to supply copies of the marriage certificates to the conveyancing practitioner however she is concerned it could hold up the house move. Should she instruct a conveyancing practitioner to update the Land Registry information for the property?
You are not required to bring up to date the register as long as you have the proof needed to show how the change of name occurred.
Any buyer’s conveyancer should examine the title information and requisition evidence by way of proof of the change of name e.g. marriage certificates.