My husband and I are nearing an exchange on a house in Lincolnshire 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 property lawyer needs to make a notification to my lender. 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 informed the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is legally required to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am looking for a flat up to £245,000 and found one round the corner in Lincolnshire I like with open areas and transport links nearby, however it only has 51 years unexpired on the lease. There is not much else in Lincolnshire suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor 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. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
How difficult is it to switch solicitor as I need to find one who is on the Leeds Building Society conveyancing panel. I hired a local conveyancing solicitor in Lincolnshire five minutes from me but the firm is not approved by Leeds Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Lincolnshire on the Leeds Building Society panel. Please note that the law firms that we on the directory do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Lincolnshire. Using search facility on this page, you can contrast costs for conveyancing solicitors in Lincolnshire and beyond.
I need to instruct a conveyancing solicitor for freehold conveyancing in Lincolnshire. I happened to discover a site which looks to be the ideal solution If there is a chance to get all the legals done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a couple of apartments in Lincolnshire which have about forty five years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field.
I bought a 1 bedroom flat in Lincolnshire, conveyancing formalities finalised July 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Lincolnshire with over 90 years remaining are worth £190,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2087
You have 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
My wife and I have selected a Lincolnshire conveyancing solicitor for our house purchase (first time buyers) and have picked up in the terms and conditions that they are not regulated by the FCA. Need I be concerned or is that the norm with lawyer?
We can't see why they should be. Most lawyer don't lend money. They will be regulated by the Solicitors Regulation Authority, who dictate stringent stipulations covering monies sitting on client account.