I am only a couple days away from an exchange on a house in Cromer and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancing practitioner 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 bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
My uncle advised me that in purchasing a property in Cromer there could be various restrictions prohibiting external changes to the property. Is this right?
There are anumerous of properties in Cromer which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Cromer should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I are at the point of viewing flats in Cromer and I am about to put in an offer. Should I already have a property lawyer appointed at this stage? I am planning to take a home loan with Clydesdale.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are obtaining a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Barclays for my property in Cromer. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
You must advise Barclays prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel solicitor.
The deeds to our home can not be found. The lawyers who did the conveyancing in Cromer 10 years ago are no longer around. What are my options?
You no longer need to hold title deeds to prove you own the land or property, as the Land Registry hold details of all registered land or property electronically.
I am looking for a ground for flat up to £245,000 and identified one near me in Cromer I like with amenity areas and station nearby, however it only has 51 years on the lease. There is not much else in Cromer in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can 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 existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My father has recommend that I appoint his lawyers for conveyancing in Cromer. Should I use them?
Much as we are happy to recommend a Cromer conveyancing lawyer the ideal way to choose a conveyancing practitioner is to have referrals from friends or relatives who have actually used the solicitor you're considering.
I am a negotiator for a busy estate agency in Cromer where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Cromer conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer 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 sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
I bought a studio flat in Cromer, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Cromer with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2089
With 63 years unexpired we estimate the price of your lease extension to range between £16,200 and £18,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.