We are nearing an exchange on a flat in Cheslyn Hay and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my lender. 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 advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your conveyancer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Cheslyn Hay is more expensive?
Cheslyn Hay leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable 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.
I have justbecome aware that Stirling Law have closed. They conducted my conveyancing in Cheslyn Hay for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cheslyn Hay conveyancing specialists.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Cheslyn Hay is the location of the property. Can you offer any guidance?
Flying freeholds in Cheslyn Hay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cheslyn Hay you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cheslyn Hay may ascertain 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 residence.
I've recently bought a leasehold house in Cheslyn Hay. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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 am the registered owner of a split level flat in Cheslyn Hay, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Cheslyn Hay with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2092
With 66 years left to run we estimate the price of your lease extension to range between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
What type of property do your Cheslyn Hay conveyancing estimates relate to?
Our conveyancing quotes are only appropriate to standard domestic homes in England & Wales. Should you have any different requirements for instance industrial or agricultural property or commercial conveyancing in Cheslyn Hay you should telephone us to discuss this further .