My wife and I are acquiring a newly constructed apartment in Castle Eden and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am on a tight deadline to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can I use your services to recommend a Conveyancing solicitor in Castle Eden even where I’m not purchasing or disposing of a house, for instance if I want to buy an office in Castle Eden with a mortgage from Birmingham Midshires?
The service is primarily utilised to select residential conveyancing solicitors in Castle Eden but we have set out towards the end of this page a few Castle Eden commercial conveyancing firms. You will need to make contact with the firm directly to see if they are also authorised to represent Birmingham Midshires
My grandmother passed away six months ago and as sole heir and executor I was left the house in Castle Eden. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Castle Eden I like with open areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Castle Eden for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage that many years may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Taking into account that I am about to spend £400,000 on a garden flat in Castle Eden I would like to have a conversation with the solicitor concerning theconveyancing ahead of instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Castle Eden.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Castle Eden should be the figure that you are charged.
I am employed by a reputable estate agency in Castle Eden where we see a number of leasehold sales jeopardised due to short leases. I have received contradictory information from local Castle Eden conveyancing firms. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Castle Eden Leasehold Conveyancing - Sample of Queries before Purchasing
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What prohibitions are contained in the Castle Eden Lease? Are any of leasehold owners in arrears of their service charge payments? The answer will be useful as a) areas could cause problems in the block as the common areas may start to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to have full disclosure