I am nearing an exchange on a flat in Motspur Park and my parents have sent the exchange deposit to my solicitor. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my lender. 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 informed the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is duty bound to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Having sold my house in Motspur Park last July but our buyer keeps e-mailing me complaining that her conveyancer needs to hear from mine. What are the post completion sale formalities following completion?
Following your sale your conveyancer should send the transfer documentation and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your lawyer must also confirm that the home loan has been discharged to the buyers conveyancers. There are no post completion procedures specific conveyancing in Motspur Park.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Motspur Park. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Co-operative will insist on your using a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
How does conveyancing in Motspur Park differ for new build properties?
Most buyers of new build or newly converted property in Motspur Park come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Motspur Park usually acquire the land, 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 Motspur Park or who has acted in the same development.
I opted to have a survey completed on a property in Motspur Park ahead of retaining solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may refuse to give a loan on such a property.
It varies from the lender to lender. Lloyds has different instructions from Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Motspur Park. Conveyancing may be slightly more expensive based on your lender's requirements.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Motspur Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Motspur Park conveyancing firm who can help.
An example of a Lease Extension case for a Motspur Park premises is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired term was 60.43 years.
What makes a Motspur Park lease problematic?
Leasehold conveyancing in Motspur Park is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.