My husband and I are nearing an exchange on a property in South Tottenham and my parents have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, 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 bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The conveyancing practitioner is legally required to check 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 reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold premises in South Tottenham but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in South Tottenham and has limited impact for conveyancing in South Tottenham 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Just acquired a detached house in South Tottenham , What is the estimated time for the Land Registry to record the transfer to my name? My South Tottenham conveyancing solicitor works at snail pace, so I want to check that my name is recorded.
There is nothing unique when it comes to conveyancing in South Tottenham registration formalities. Rather than based on location, timeframes can adjust depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. As of today approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to protracted delays. Historically registration takes place after the purchaser is living at the premises so an expedited registration is not always primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer can contact the land registry and explain the circumstances.
I have been on the look out for a flat up to £245,000 and found one round the corner in South Tottenham I like with a park and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in South Tottenham for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may 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 with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I need to retain a conveyancing solicitor for leasehold conveyancing in South Tottenham. I have discover a web site which looks to be the perfect answer If there is a chance to get all this stuff done via phone that would be preferable. Should I 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?
Should I cancel the direct debit for my mortgage with Aldermore as soon as a completion date for my sale in South Tottenham has been set?
No, you should maintain meeting any mortgage payments to Aldermore until the mortgage is discharged on completion as part of your South Tottenham conveyancing.