I am buying a leasehold flat in St Agnes. My Conveyancer is not listed on the lender conveyancing panel. Can I still use my St Agnes conveyancing solicitor notwithstanding that they are not on the bank panel?
You must use a conveyancer to complete the legal work required when you take out a loan to buy your property. They will conduct all the appropriate due diligence on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You may instruct a St Agnes solicitor of your choice. Nevertheless, if the lawyer appointed is not on the mortgage company solicitor panel supplemental costs will be incurred as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so where your lawyer has not historically applied for membership they can do so.
I am nearing an exchange on a flat in St Agnes and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your lawyer is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am buying a right to buy a flat in St Agnes. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in St Agnes you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in St Agnes.
three months have elapsed since my purchase conveyancing in St Agnes completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 property 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.
I decided to have a survey completed on a house in St Agnes before retaining solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in St Agnes. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Agnes to see if the conveyancing will be more expensive.
I have just started marketing my basement apartment in St Agnes. Conveyancing solicitors are to be appointed soon, however I have recently had a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would as all rents and maintenance invoices should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a garden flat in St Agnes, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in St Agnes with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2088
With just 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.