My husband and I are nearing an exchange on a house in South Normanton and my mum and dad have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has not come from me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise 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 him to raise this?
The conveyancing practitioner is duty bound to clarify with the bank 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 lender if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for my conveyancing in South Normanton?
If you are buying a property in South Normanton your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the Local Authority Search. If any down payment is payable against the total price then this will be needed shortly before contracts are exchanged. The closing balance that is needed should be sent to your lawyer a couple of days prior to the completion date.
My fiance and I decided to purchase a 3 bedroom apartment in South Normanton with a mortgage from Santander.We would like to retain our South Normanton conveyancing solicitor but Santander says her practice is not listed on their "panel". we are left little option but to use a Santander panel solicitor or retain our high street solicitor and fork out for a Santander panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you contains various provisions, a common one being that lawyers will be on the Santander conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Santander
About to purchase a new build apartment in South Normanton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in South Normanton
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
We're new on the property ladder - agreed a price, but the estate agent advised that the owners will only move forward if we appoint their recommended lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in South Normanton
It is unlikely the owners are behind this. Should the vendor require ‘a quick sale', alienating a motivated purchaser is counter productive. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to appoint your preferred South Normanton conveyancing firm - rather thanthose that will earn the estate agent a commission or hit his conveyancing thresholds set by corporate headquarters.
In relation to leasehold conveyancing in South Normanton what are the most frequent lease defects?
Leasehold conveyancing in South Normanton is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the property A provision for the recovery of money spent for the benefit of another party.
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Platform Home Loans Ltd 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 provide security, forcing the buyer to pull out.
I am the registered owner of a leasehold flat in South Normanton, conveyancing having been completed June 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in South Normanton with over 90 years remaining are worth £190,000. The ground rent is £65 per annum. The lease terminates on 21st October 2086
With 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.