We are approaching an exchange on a property in Southend On Sea and my parents have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Southend On Sea costs more?
Southend On Sea leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
It has been five months following my purchase conveyancing in Southend On Sea took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What makes your site different to alternative web based conveyancing brokers for conveyancing in Southend On Sea?
At this site secure an accurate costs illustration via a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Southend On Sea. Unlike many estate agents and brokerage sites we do not charge firms a commission if you select them for your home move in Southend On Sea
Do you have any top tips for leasehold conveyancing in Southend On Sea with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Southend On Sea can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Southend On Sea state that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor in the first instance. If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing. The majority of landlords or Management Companies in Southend On Sea levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Southend On Sea. If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate can be a time consuming formality and slows down many a Southend On Sea home move. If a new share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
I acquired a 1 bedroom flat in Southend On Sea, conveyancing having been completed October 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Southend On Sea with an extended lease are worth £265,000. The ground rent is £50 yearly. The lease ends on 21st October 2101
With 76 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you 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 concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Please set out some of specific benefits to instructing a local property lawyer in Southend On Sea
Many buyers and sellers in Southend On Sea opt for a local conveyancer so that they can attend the firm’s offices just in case they have concerns, and to execute documents without using the post.
One could suggest that there exists a marginal benefit in opting for a conveyancer local to a property you are purchasing, due to the in-depth knowledge of the area and possible local issues - yet this is debatable. The majority of conveyancers carry out their work by way of email and could be based anywhere.