I am nearing an exchange on a property in Killamarsh and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is obliged to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold house in Killamarsh but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Killamarsh and has limited impact for conveyancing in Killamarsh but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial site in Killamarsh?
Many commercial conveyancing solicitors in Killamarsh will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Killamarsh. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Killamarsh.
For each commercial conveyancing transaction in Killamarsh it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Killamarsh commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Killamarsh.
How does conveyancing in Killamarsh differ for newly converted properties?
Most buyers of new build premises in Killamarsh approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Killamarsh typically acquire the land, 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 Killamarsh or who has acted in the same development.
I have recently realised that I have 62 years remaining on my lease in Killamarsh. I now wish to get lease extension but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. In some cases a specialist may be helpful to conduct investigations and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Killamarsh.
I am the registered owner of a ground floor flat in Killamarsh, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Killamarsh with an extended lease are worth £186,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2077
With just 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Can you please clarify what options are available to me if my Killamarsh conveyancing searches shows adverse results?
Ordinarily, the majority of issues revealed in Killamarsh conveyancing search responses can be dealt with prior to completion or title insurance could possibly be taken. It is important to remember that although you may be acquiring the premises and may be content to accept the search results, your lender may not, and when all said and done the decision rests with them.