My partner and I are approaching an exchange on a property in Seaview and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your lawyer is duty bound to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I purchased a freehold premises in Seaview yet charged rent, why is this and what is this?
It is rare for properties in Seaview and has limited impact for conveyancing in Seaview but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Are there restrictive covenants that are commonly identified as part of conveyancing in Seaview?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Seaview. 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…’
I decided to have a survey done on a house in Seaview before instructing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor advised that some banks tend not grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Seaview. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Seaview cover?
Commercial conveyancing in Seaview covers a broad array of services, offered by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, 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 mortgages and the termination of leases.
Do you have any advice for leasehold conveyancing in Seaview with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Seaview can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy formality and delays many a Seaview home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an early stage 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. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Seaview state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer before hand.
Seaview Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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How much is the ground rent and service charge? Generally speaking the cost for major works are not built into the maintenance charges, albeit that a few managing agents in Seaview require leasehold owners to pay into a reserve fund and this is used to offset against larger repairs or maintenance. How is the lease structured?