We are approaching an exchange on a house in Niton and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my lawyer needs to make a notification to my bank. 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 advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is legally required to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I acquired my property in Niton. Conveyancing lawyers have now been instructed on the sale but I can't find my title deeds. Will this cause complications?
Don’t worry too much. First the deeds may be with your mortgage company or they could be in the possession of the lawyers who handled your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Almost all conveyancing in Niton involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
I have been on the look out for a flat up to £235,500 and identified one near me in Niton I like with open areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Niton for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Is it possible to transfer to a new solicitor as I need to choose a firm on the The Mortgage Works conveyancing panel. I was using a family conveyancing solicitor in Niton five minutes from me but she is not approved by The Mortgage Works
It would be our pleasure to help you find a conveyancing solicitor in Niton on the The Mortgage Works panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Niton. Using the find a conveyancing solicitor tool on this page, you can scrutinise fees for conveyancing solicitors in Niton and beyond.
I am looking for a conveyancing lawyer in Niton for my sale. Can I review a firm’s record with the profession’s regulator?
One may find presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The SRA could monitor telephone calls for training requirements.
Can you provide any top tips for leasehold conveyancing in Niton from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Niton can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unsettled. A minority of Niton leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Niton Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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This information is important as a) areas could cause problems in the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will need to know about it Are there any major works in the planning that will increase the maintenance charges? The majority of Niton leasehold apartments will be liable to pay a service charge for maintenance of the block set on behalf of the freeholder. If you purchase the flat you will have to meet this charge, usually in instalments accross the year. This can be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a exorbitant sum, say around £25-£75 but you need to check it because sometimes it could be many hundreds of pounds.