Much to our surprise we have been told by our IFA that my Lowestoft property lawyer is not on the mortgage company Conveyancing panel. How can I check?
The sensible course of action for you to take is to call your Lowestoft lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
My partner and I are getting closer to an exchange on a flat in Lowestoft and my parents have transferred the exchange deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your conveyancing practitioner is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Having sold my house in Lowestoft last June but the buyer keeps calling every few hours to moan that their solicitor needs to hear from mylawyer. What should my lawyer have done now that I have sold?
Following your sale your lawyer is committed to send the transfer deeds and all of the paperwork to the purchaser's solicitors. Depending on the transaction, your conveyancer should also send confirmation that the home loan has been paid off to the buyers solicitors. There is unlikely to be post completion requirements peculiar conveyancing in Lowestoft.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Lowestoft. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lowestoft
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking at a couple of flats in Lowestoft both have about 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Lowestoft is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Lowestoft conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Lowestoft Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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Is the freehold reversion owned jointly by the leaseholders? Most Lowestoft leasehold flats will incur a service bill for the upkeep of the building set on behalf of the freeholder. Should you acquire the property you will have to meet this contribution, usually periodically throughout the year. This may differ from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a rentcharge to be met annual, this is usually not a significant figure, say around £25-£75 but you should to check as occasionally it could be many hundreds of pounds. The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this arrangement the tenants have being in charge if their destiny and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent employed by the leaseholders.
Should I stop the direct debit for my mortgage with RBS as soon as a completion date for my home sale in Lowestoft has been set?
You are best advised to continue paying any mortgage sums to RBS pending the mortgage being discharged on completion as part of your Lowestoft conveyancing.