I am getting closer to an exchange on a property in Carnforth and my mum and dad have transferred the ten percent deposit to my solicitor. I am now informed that as the deposit has not arrived from me my property lawyer 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 informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your lawyer is obliged to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am close to exchanging contracts on the sale of our home in Carnforth and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Carnforth conveyancer would know this is not the case. For the life of me I don't know why the buyers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Carnforth. We have lived in Carnforth for many years we know that this is a non issue. Should we contact our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
3 months have gone by following my purchase conveyancing in Carnforth completed. I have checked the Land Registry website which shows that I paid £175,000 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 premises 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.
I am buying my first flat in Carnforth with a mortgage from Yorkshire Building Society. The developers would not move on the price so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my conveyancer about this deal as it could jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Carnforth is the location of the property. Can you offer any guidance?
Flying freeholds in Carnforth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Carnforth you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Carnforth may determine 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.
Can you provide any advice for leasehold conveyancing in Carnforth with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Carnforth can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers’ lawyers. Some Carnforth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic rather than unsettled. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Carnforth state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such alterations. Where you fail to have the consents to hand do not communicate with the landlord without contacting your conveyancer before hand.
I am the registered owner of a split level flat in Carnforth, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Similar properties in Carnforth with a long lease are worth £171,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2104
With only 79 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 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 extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.