My wife and I are getting closer to an exchange on a house in Hoole and my mum and dad have sent the 10% deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my mortgage company. Apparently, 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 regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is obliged to clarify 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 lender if you agree, failing which, your lawyer must cease to continue acting.
A relative recommended that if I am purchasing in Hoole I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Hoole conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Hoole around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hoole Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Hoole Education with maps and statistics, Local Amenities and other useful data concerning Hoole.
How does conveyancing in Hoole differ for new build properties?
Most buyers of new build or newly converted property in Hoole approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Hoole typically acquire the real estate, 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 accustomed to new build conveyancing in Hoole or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Hoole I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Hoole for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will likely 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 owner has owned the premises for at least 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 with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Do you have any advice for leasehold conveyancing in Hoole from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hoole can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Hoole leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. If you dont have the consents in place do not communicate with the landlord without checking with your lawyer in advance. The majority of freeholders or managing agents in Hoole charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Hoole. If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
Hoole Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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How many of the leaseholders are in arrears for their maintenance charge payments? What is the yearly service fee and ground rent? Is there a share of the freehold?
Our conveyancing solicitor in Hoole is asking me for ID documents stating that this is part of his requirements as a conveyancer on the lender Solicitor panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the lender. This is not unique to conveyancing in Hoole