We are only a couple days away from an exchange on a house in Southam and my parents have sent the ten percent deposit to my conveyancer. I am now told that as the deposit has not arrived from me my conveyancer 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 informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is duty bound to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal 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 Southam?
Where you are retaining lawyers for conveyancing in Southam your lawyer will request that you place them with monies to cover the search fees. Normally this is requested to cover the fees of the Local Authority Search. When the deposit is as part of the sale price then this will be asked for shortly in advance of exchange of contracts. The closing balance that is needed should be transferred a couple of days prior to the completion date.
I am close to exchanging contracts on the sale of our house in Southam and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Southam conveyancer would know this is not the case. For the life of me I don't know why the buyers used a national conveyancing firm rather than a conveyancing solicitor in Southam. Having lived in Southam for 5 years we know that this is a non issue. Do we get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Southam I like with amenity areas and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Southam suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
When it comes to leasehold conveyancing in Southam what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Southam. All leases are drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision to repair to or maintain parts of the property
You could have 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. Barclays , Virgin Money, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I own a ground floor flat in Southam, conveyancing was carried out June 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Southam with a long lease are worth £179,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With 57 years unexpired the likely cost is going to span between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I am are looking to find a value for money conveyancing lawyer in Southam to buy a home. I want to avoid being ripped off and there's various Southam conveyancing practices out there...who's the best?
To get quotes for your move from the conveyancing firms that undertakes services in Southam please make the most of our quote tool.