My husband and I are approaching an exchange on a house in County Durham and my mum and dad have sent the ten percent deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in County Durham is more expensive?
In summary, leasehold conveyancing in County Durham and elsewhere usually warrants extra due diligence compared to freehold conveyancing. This includes reviewing the lease, corresponding with the landlord about serving required notices, procuring up-to-date service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
I am selling my apartment in County Durham. Does my conveyancer have to be on the Kent Reliance conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
What does a local search reveal about the house we're buying in County Durham?
County Durham conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example Searches UK The local search plays an important part in most County Durham conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
How does conveyancing in County Durham differ for newly converted properties?
Most buyers of new build or newly converted property in County Durham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in County Durham typically purchase the land, 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 conveyancing solicitors 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 County Durham or who has acted in the same development.
Last October I purchased a leasehold house in County Durham. 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 owner and they have not paid you would not usually be personally liable for the arrears. However, 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 invested in buying a garden flat in County Durham, conveyancing was carried out in 2004. How much will my lease extension cost? Similar properties in County Durham with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2086
With 61 years left to run we estimate the premium for your lease extension to span between £18,100 and £20,800 plus costs.
The figure that we have given is 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 are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.