I am nearing an exchange on a property in Lunt and my parents have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your property lawyer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
A colleague recommended that if I am purchasing in Lunt I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Lunt conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Lunt around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Lunt Education with maps and statistics, Local Amenities and other useful data about Lunt.
I purchased my house on 1 January and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Lunt expressed confidence that it will be formalised in less than a month. Are properties in Lunt particularly slow to register?
There is nothing unique when it comes to conveyancing in Lunt registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. At present roughly 80% of such applications are fully dealt with within two weeks but some can be subject to extensive hold-ups. Registration takes place once the purchaser has moved in to the property so an expedited registration is not always top priority but where it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
Is it possible to change conveyancer as I need to instruct a firm on the Norwich and Peterborough Building Society conveyancing panel. I had appointed a family conveyancing solicitor in Lunt five minutes from me but she is not approved by Norwich and Peterborough Building Society
It would be our pleasure to help you select a conveyancing solicitor in Lunt on the Norwich and Peterborough Building Society panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Lunt. In utilising the find a conveyancing solicitor tool on this site, you can contrast fees for conveyancing solicitors in Lunt and beyond.
I am tempted by the attractive purchase price for a couple of flats in Lunt which have approximately forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Lunt is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. 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 property 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 premises 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 Lunt conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Lunt Leasehold Conveyancing - Sample of Queries before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Please note that where the lease has fewer than 80 years it will impact the marketability of the property. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension at some point and it is worth discovering what this would cost. Remember, in most cases you would need to own the premises for a couple of years in order to be entitled to extend the lease. In the main the cost for major works tend not to be built into the maintenance charges, although there some managing agents in Lunt require leaseholders to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger works.
To what extent are Lunt conveyancing solicitors duty bound by the Law Society to supply clear conveyancing figures?
Contained within the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Lunt or beyond.