We are only a couple days away from an exchange on a property in Ketton and my parents have sent the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank 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 home loan, so is it really necessary for this now to hold matters up?
Your property lawyer is duty bound to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Ketton is more expensive?
In short, leasehold conveyancing in Ketton and Rutland usually necessitates more work compared to freehold conveyancing. This includes lease investigation, communicating with the landlord concerning serving applicable notices, securing current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a property in Ketton? or I am told that there is an ancient law that could mean that homeowners living in a parish church boundary may be liable to pay for repairs to the chancel within the church. Is this a legitimate concern for conveyancing in Ketton?
Unless a prior acquisition of the house completed post 12 October 2013 you may expect lawyers delivering conveyancing in Ketton to remain recommending a chancel search and or chancel repair liability insurance.
I have been on the look out for a flat up to £245,000 and found one round the corner in Ketton I like with amenity areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Ketton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and pass 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 matter.
Back In 2009, I bought a leasehold house in Ketton. Conveyancing and Barclays mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Ketton who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Ketton conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Ketton - Sample of Questions you should consider before Purchasing
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Please note that where the lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the premises for 24 months before you are eligible to carry out a lease extension. On the whole the cost for major works tend not to be incorporated into the service charges, albeit that there some managing agents in Ketton require leasehold owners to pay into a reserve fund created for the specific purpose of establishing a fund for major works.
What range of conveyancing services do Ketton conveyancing firms supply?
In the main Ketton conveyancing firms can supply a number of assistance to home and land owners, vendors, purchasers, landlords and tenants and you can expect them to help you with some of the following services:
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Private sale conveyancing in Ketton or elsewhere in the country
Domestic purchase conveyancing in Ketton and throughout England and Wales
General property advice Overage Agreements and conditional Contracts Auction disposal and purchase conveyancing in Ketton and further afield Help to Buy Conveyancing in Ketton and countryside