My wife and I are approaching an exchange on a house in Bubwith and my parents have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has not arrived from 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 coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your conveyancing practitioner is legally required to check with mortgage company to ensure that they understand 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.
three months have gone by following my purchase conveyancing in Bubwith concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bubwith. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Bubwith
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Bubwith I like with a park and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Bubwith in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
We are 18 days into a leasehold purchase having been directed to conveyancers by the estate agent to execute conveyancing in Bubwith. We are not happy. Can you help me find new solicitors?
They would have to be very bad in order to consider diss instructing them. Has your loan offer been generated? If so you will need to make them aware of the new contact details and have the loan are re-issued. The conveyancer needs to be on the lenders approved list to avoid escalating charges and frustration. That should be your first question of the new solicitors. Our find a solicitor tool should help you find a lender approved lawyer for your conveyancing in Bubwith
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Bubwith. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Bubwith are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bubwith in which case you should be shopping around for a Bubwith conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.