I am getting closer to an exchange on a flat in Monmouth and my mum and dad have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The solicitor is obliged to clarify with the bank to ensure that they know 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.
Should my solicitor be raising enquiries concerning flooding during the conveyancing in Monmouth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Monmouth. There are those who buy a property in Monmouth, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Monmouth. The standard property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to determine whether the premises has ever been flooded. In the event that the premises has been flooded in past and is not notified by the seller, then a purchaser could bring a compensation claim resulting from an inaccurate answer. A purchaser’s solicitors will also order an environmental report. This should reveal whether there is any known flood risk. If so, further inquiries will need to be conducted.
What does commercial conveyancing in Monmouth cover?
Monmouth conveyancing for business premises incorporates a wide array of services, supplied by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am thinking of appointing a conveyancing solicitor in Monmouth for my home move. Is it possible to review a firm’s complaints history with the profession’s regulator?
Anyone may find documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions started on or after Jan 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator may recorded call for training purposes.
Estate agents have just been given the go-ahead to market my ground floor flat in Monmouth. Conveyancing solicitors are to be appointed soon, but I have just had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as you normally would given that all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a ground floor flat in Monmouth, conveyancing having been completed May 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Monmouth with an extended lease are worth £201,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2090
With 65 years remaining on your lease the likely cost is going to span between £13,300 and £15,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I am an executor of my recently deceased parent's Will, with a property in Monmouth which is to be sold. The property is unregistered at HMLR and I'm advised that many purchasers will insist that it is completed before they will proceed. What's the mechanism for this?
In the circumstances you refer to it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.