The mortgage offer from NatWest for the remortgage of my 4 room flat is due imminently. Could you recommend a cheap conveyancing lawyer in Ramsey?
You have arrived at the wrong place to search for a cheap conveyancing in Ramsey. We can offer you affordable conveyancing but our intention is not to work with the cheapest lawyers. Resist the temptation to appoint organisations seducing you with £99 conveyancing in Ramsey. In your best case scenario, in being led by cheap conveyancing, you will receive what you pay for and at worst it will result in you invoiced for extras and still not get the service required.
My wife and I are nearing an exchange on a property in Ramsey and my mum and dad have sent the 10% deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my 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 not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is legally required to clarify with lender 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.
I have been told that property searches are a common reason for hinderance in Ramsey conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Ramsey.
Just had an offer accepted on a new build flat in Ramsey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Ramsey
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There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Ramsey I like with open areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Ramsey suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass 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 solicitor regarding this.
I am tempted by the attractive purchase price for a couple of apartments in Ramsey which have in the region of fifty years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
Leasehold Conveyancing in Ramsey - Sample of Questions you should ask before buying
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How is the lease structured? How many of the leaseholders are in arrears for their maintenance charge payments? The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have being in charge if their destiny and even though a managing agent is often employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.