My partner and I are nearing an exchange on a flat in Godshill and my parents have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The 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 resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Should my conveyancer be making enquiries concerning flooding as part of the conveyancing in Godshill.
Flooding is a growing risk for lawyers dealing with homes in Godshill. There are those who acquire a property in Godshill, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Godshill. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to discover if the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer could commence a claim for damages as a result of such an incorrect reply. The buyer’s lawyers should also conduct an environmental report. This should reveal whether there is any known flood risk. If so, more detailed inquiries should be made.
How does conveyancing in Godshill differ for new build properties?
Most buyers of new build property in Godshill come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Godshill 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 property lawyers 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 accustomed to new build conveyancing in Godshill or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one close by in Godshill I like with amenity areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Godshill for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years 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 concerning this matter.
My wife and I purchased a leasehold house in Godshill. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Godshill who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Godshill conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Godshill Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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How many of the leaseholders are in arrears for their service charge payments? Does the lease contain onerous restrictions? Its a good idea to discover as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. Ask prospective neighbours what they think of their management. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending the funds.
A conveyancing company acted on my conveyancing in Godshill half a dozen years past having retained my deeds but has now closed – What steps do I now take to retreive these?
Title deeds, as such, are no longer appropriate for the majority of homes in Godshill are registered electronically at Land Registry. If you need to show evidence of proprietorship or are selling or re-mortgaging your conveyancer will need to obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.