My wife and I are getting closer to an exchange on a flat in Kidderminster and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is obliged to check with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Kidderminster costs more?
Kidderminster leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a new build apartment in Kidderminster. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Kidderminster
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
Due to the encouragement of my in-laws I had a survey completed on a property in Kidderminster prior to instructing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders may not issue a loan on this type of home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kidderminster. Conveyancing will be smoother if you use a solicitor in Kidderminster especially if they are familiar with such properties in Kidderminster.
Should I be concerned that estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local Kidderminster conveyancing practice?
As with many service providers, often referrals from connections can be worth their weight in gold. But there are many people with a vested interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest solicitors to select. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a commercial relationship behind the endorsement. You are at liberty to choose your own lawyer. You need to be aware that some banks specify a panel list of solicitors you must use for the lender aspect of your home move.
My wife and I purchased a leasehold flat in Kidderminster. Conveyancing and HSBC Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Kidderminster who previously acted has now retired. Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Kidderminster conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Kidderminster Leasehold Conveyancing - Sample of Queries Prior to buying
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How much is the maintenance charge and ground rent on the property? Where a Kidderminster lease has less than 80 years it will affect the value of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would need to own the property for two years before you are legally able to exercise a lease extension. What is the name of the managing agents?