My wife and I are getting closer to an exchange on a flat in St Margarets and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancer needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a freehold house in St Margarets but nevertheless charged rent, why is this and what is this?
It is rare for properties in St Margarets and has limited impact for conveyancing in St Margarets 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have recentlybeen informed that Arc property Solicitors have been shut down. They carried out my conveyancing in St Margarets for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Margarets conveyancing specialists.
How does conveyancing in St Margarets differ for newly converted properties?
Most buyers of new build or newly converted property in St Margarets contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in St Margarets tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in St Margarets or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. St Margarets is the location of the property. What do you suggest?
Flying freeholds in St Margarets are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Margarets you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Margarets may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Estate agents have just been given the go-ahead to market my basement flat in St Margarets.Conveyancing solicitors are to be appointed soon however I have just had a yearly maintenance charge invoice – what should I do?
The sensible thing to do is pay the maintenance contribution as usual as all rents and maintenance payments should be apportionedon completion, so you will be reimbursed 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. This will smooth the conveyancing process