My partner and I are getting closer to an exchange on a property in Hermitage and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my property lawyer 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 coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really necessary 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 resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
At what point does exchange of contracts take place for sale conveyancing in Hermitage and am I required to attend the solicitors office?
Where you are in close proximity to our conveyancing solicitors in Hermitage you are welcome to come in to sign the paperwork. However, the firms we work with supply countrywide coverage for conveyancing and give as equally detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not the critical part. Signing on the dotted line is necessary for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hermitage)to be in the office at the appropriate time.
four months have elapsed since my purchase conveyancing in Hermitage took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and found one round the corner in Hermitage I like with open areas and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Hermitage for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities 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.
My wife and I purchased a leasehold flat in Hermitage. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Hermitage who previously acted has now retired. Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Hermitage conveyancing lawyer 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 no more than 6 years of rent can be collected.
Hermitage Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and even though a managing agent is usually employed where it is bigger than a house conversion, the managing agent employed by the leaseholders. Plenty Hermitage leasehold properties will incur a service bill for the upkeep of the building set by the management company. Where you acquire the flat you will have to pay this liability, normally periodically during the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, ordinarily this is not a exorbitant sum, say around £50-£100 but you should to check as sometimes it can be many hundreds of pounds.
Our sealed bid on house in Hermitage was accepted, the seller does however have a dependent purchase. The vendors have offered on a flat, but it’s not been accepted yet, and has viewings of other properties in the pipeline. I have instructed a local conveyancing lawyer in Hermitage. What should be my next step? When should I get the mortgage application with RBS going with RBS?
It is normal to have anxieties where there is an associated chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Hermitage conveyancing search fees, etc). First, you must ensure that your conveyancing practitioner is on the RBS approved list. Regarding the next steps this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market the majority of purchasers will apply for a home loan with RBS and arrange for the survey and only if it was satisfactory would they pay their property lawyer to move forward with searches.