My wife and I are nearing an exchange on a flat in Copmanthorpe and my mum and dad have transferred the 10% deposit to my solicitor. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my bank. 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 disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Will commercial conveyancing searches disclose proposed roadworks that may impact a commercial estate in Copmanthorpe?
Many commercial conveyancing solicitors in Copmanthorpe will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Copmanthorpe. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Copmanthorpe.
For each commercial conveyancing transaction in Copmanthorpe it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Copmanthorpe commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Copmanthorpe.
How does conveyancing in Copmanthorpe differ for new build properties?
Most buyers of new build or newly converted property in Copmanthorpe approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Copmanthorpe typically buy the site, 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 conveyancers 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 Copmanthorpe or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one close by in Copmanthorpe I like with a park and railway links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Copmanthorpe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I've recently bought a leasehold property in Copmanthorpe. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. A critical element 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 bought a 1st floor flat in Copmanthorpe, conveyancing was carried out August 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Copmanthorpe with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2083
With 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
My fiance is purchasing a basement flat in Copmanthorpe. He has received a fee estimate by the conveyancing practitioner connected to the estate agents totaling £1156 . It was 9 years ago I sold and bought a property and the bill was £600. Have costs really increased to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Copmanthorpe searches, land registry fees, etc)