My husband and I are approaching an exchange on a house in Preston Park and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Having invested time reading moneysavingexpert.com for a high-quality solicitor in Preston Park, most advise that I should use a CQS accredited solicitor. Can you explain what CQS is?
Preston Park Conveyancing Quality Scheme practices have obtained accreditation under the Law Society's Scheme (CQS) CQS was established to promote high standards in the in the legal transfer of properties. CQS helps house movers to identify solicitor firms who provide a quality residential conveyancing. Preston Park is one of locations in England and Wales in which accredited firms have a presence. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
I own a semi-detached Georgian property in Preston Park. Conveyancing practitioner represented me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Preston Park and other locations in 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 buyers. You can also enquire as to the position with your conveyancing practitioner who carried out the work.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Preston Park I like with open areas and station nearby, however it only has 49 years unexpired on the lease. There is not much else in Preston Park suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I need to appoint a conveyancing solicitor for my conveyancing in Preston Park. I've land on a web site which looks to be the ideal solution If it is possible to get all formalities done via web that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What makes a Preston Park lease problematic?
Leasehold conveyancing in Preston Park is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a basement flat in Preston Park, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Preston Park with a long lease are worth £180,000. The ground rent is £65 yearly. The lease finishes on 21st October 2082
With just 58 years unexpired we estimate the price of your lease extension to range between £21,900 and £25,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.