My wife and I are approaching an exchange on a flat in Plymstock and my parents have sent the ten percent 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. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your conveyancer is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are downsizing from our property in Plymstock and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any high street Plymstock lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Plymstock. Having lived in Plymstock for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm buying a new build house in Plymstock with a loan from Chelsea Building Society. The builders would not budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not to tell my solicitor about this deal as it may adversely affect my mortgage with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a house in Plymstock prior to instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend refuse to issue a loan on this type of home.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Plymstock. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Plymstock to see if the conveyancing costs will increase in light of this.
What does commercial conveyancing in Plymstock cover?
Non domestic conveyancing in Plymstock incorporates a wide range of advice, provided by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I've recently bought a leasehold property in Plymstock. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a studio flat in Plymstock, conveyancing having been completed in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Plymstock with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2080
You have 54 years unexpired we estimate the price of your lease extension to range between £32,300 and £37,400 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.