My wife and I are only a couple days away from an exchange on a property in East Grinstead and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancer is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I completed on my home on 11 November and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in East Grinstead expressed confidence that it would be recorded in a couple of weeks. Are properties in East Grinstead particularly slow to register?
As far as conveyancing in East Grinstead is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether there are errors and if the Land registry communicate with any 3rd parties. At present approximately 80% of such applications are fully dealt with within 12 days but some can be subject to longer hold-ups. Registration takes place after the purchaser is living at the premises so an expedited registration is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build apartment in East Grinstead. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in East Grinstead
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a ground for flat up to £235,500 and found one close by in East Grinstead I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in East Grinstead for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities 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 consult your conveyancing solicitor regarding this.
In scouring the internet for the words cheap conveyancing in East Grinstead it shows results of numerous property lawyersin the area. How do I determine which is the right conveyancing solicitor for my move?
The best method of choosing the right conveyancer is through a trusted referral, so ask friends and family who have purchased a property in East Grinstead or a reputable estate agent or financial adviser. Charges for conveyancing in East Grinstead differ, so it's sensible to request at least three quotes from different solicitors. Dont forget to clarify that the charges are assured not to to be inflated.
Can you offer any advice when it comes to finding a East Grinstead conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a East Grinstead conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non East Grinstead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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How many lease extensions has the firm completed in East Grinstead in the last twenty four months?
I acquired a basement flat in East Grinstead, conveyancing having been completed in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in East Grinstead with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2085
With just 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.