My husband and I are purchasing a new build duplex in Rothley and my lawyer is informing me that she is duty bound to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is 10 years ago since I bought my property in Rothley. Conveyancing solicitors have now been retained on the sale but I can't locate my title deeds. Is this a major issue?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by the lender or they may be in the possession of the lawyers who oversaw the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Rothley involves registered property but in the rare situation where your home is not registered it is more problematic but is not insurmountable.
Are there restrictive covenants that are commonly picked up during conveyancing in Rothley?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Rothley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In my capacity as executor for the will of my grandfather I am disposing of a house in Monmouth but live in Rothley. My lawyer (who is 300 kilometers awayhas requested that I execute a stat dec before completion. Could you suggest a conveyancing solicitor in Rothley who can attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Rothley based
I am tempted by the attractive purchase price for a couple of flats in Rothley both have about forty five years left on the lease term. should I be concerned?
There are plenty of short leases in Rothley. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Rothley Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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If a Rothley lease has less than eighty years it will have adverse implications on the value of the apartment. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you would need to own the residence for 24 months before you are eligible to extend the lease. Please inform me if there are any major works in the planning that could add a premium to the maintenance charges? Its a good idea to discover as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the common parts. Enquire of other tenants what they think of them. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes.
My partner and I soon to complete on the purchase a house in Rothley but as a result of damage from the recent storms I have negotiated reparation from the vendor of five thousand pounds by way of a reduction in the price. This was going to be addressed as part of the conveyancing process however the lender will not permit this. Why were they involved?
The lawyer listed on a lender conveyancing panel is required to disclose to the lender of any amendments to the sale figure. In the event that you prohibit your conveyancer to notify the price change to your mortgage company then they would have no choice but to refrain from acting for you and the mortgage company.