We are nearing an exchange on a house in Lincoln and my parents have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The conveyancing practitioner is obliged to check with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Lincoln last February but my buyer keeps e-mailing me to say his solicitor needs to hear from mylawyer. What should have happened following completion?
Following your disposal your lawyer should send the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your lawyer must also send confirmation that the mortgage has been paid off to the purchasers solicitors. There are no post completion requirements specific conveyancing in Lincoln.
I am buying a new build apartment in Lincoln. 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lincoln
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Lincoln I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Lincoln in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My husband and I are four weeks into a residential purchase having been referred to conveyancers by the local agent to carry out the conveyancing in Lincoln. I am am very disappointed with the quality of service. Can you you assist me in finding new solicitors?
They would need to be very poor in order to consider replacing them. Has the mortgage offer been issued? In the event that it has you will need to make them aware of the new solicitor and have the mortgage documents are re-issued. The solicitor ideally should be on the lenders panel to avoid supplemental fees and complications. So that should be your first question of the new lawyers. Our search tool can assist you in finding a lender approved conveyancer for your conveyancing in Lincoln
Planning to exchange soon on a basement flat in Lincoln. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Lincoln should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? Does the lease prevent you from subletting the property, or having a home office for business Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Defining your rights in relation to the communal areas in the block.E.G., does the lease grant a right of way over a path or hallways? You should have a good understanding of the insurance provisions
Leasehold Conveyancing in Lincoln - Sample of Questions you should consider before Purchasing
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Where a Lincoln lease has no more than 80 years it will affect the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the residence for a couple of years in order to be eligible to extend the lease. Is there a share of the freehold? Who is in charge of the block?