My partner and I are approaching an exchange on a flat in Monmouth and my parents have sent the 10% deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my mortgage company. I am advised that, 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 home loan, so is it really appropriate for him to raise this?
The property lawyer is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a property in Monmouth? or Apparently there is an ancient law that could mean that owners of property living in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this relevant for conveyancing in Monmouth?
Unless a prior acquisition of the house completed post 12 October 2013 you can take it that lawyers carrying out conveyancing in Monmouth to continue to suggest a chancel search and or chancel repair liability insurance.
Me and my brother have a terraced Edwardian property in Monmouth. Conveyancing practitioner acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Lloyds TSB Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Monmouth and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the purchase.
How does conveyancing in Monmouth differ for newly converted properties?
Most buyers of new build premises in Monmouth contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Monmouth usually acquire 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 property lawyers 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 Monmouth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Monmouth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Monmouth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Monmouth you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Monmouth may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I work for a busy estate agency in Monmouth where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Monmouth conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Monmouth Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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In the main the outlay for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Monmouth obliged leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for larger repairs or maintenance. The best form of lease structure is a share of the freehold. In this situation the lessees benefit from control and although a managing agent is frequently retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.