My husband and I are approaching an exchange on a house in Lymington and my mum and dad have sent the exchange deposit to my lawyer. I am now told that as the deposit has not come from me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The property lawyer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Finally the sale completed on my house in Lymington last November yet the purchaser is telephoning daily to say her lawyer needs to hear from mine. What should my lawyer have done following completion?
Following your disposal your conveyancer is committed to deliver the transfer deeds and all of the paperwork to the purchaser's solicitors. Where relevant, your solicitor should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Lymington.
We hope to to buy with Coventry BS. We have called around locally yet am unable to find a Lymington conveyancing firm on the Coventry BS panel. Could you assist?
You should take advantage of the search tool on this page. Pick the lender and type Lymington or your location and you will discover a number of lawyer located in Lymington or by proximity to you.
How does conveyancing in Lymington differ for new build properties?
Most buyers of new build or newly converted property in Lymington approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because developers in Lymington typically buy the real estate, 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 used to new build conveyancing in Lymington or who has acted in the same development.
Am I better off to choose a Lymington conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can carry out the legal work but they are based 200miles drive away.
The primary upside of using a high street Lymington conveyancing firm is that you can attend the office to execute paperwork, present your ID and pester them if necessary. Having local Lymington know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were happy that must trump using an unfamiliar Lymington conveyancing solicitor solely due to them being based in the area.
I work for a reputable estate agency in Lymington where we see a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Lymington conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a split level flat in Lymington, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Lymington with an extended lease are worth £197,000. The ground rent is £55 yearly. The lease finishes on 21st October 2080
With just 55 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.