My wife and I are approaching an exchange on a house in St Nicholas and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your solicitor is legally required to check with the bank to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in St Nicholas is more expensive?
St Nicholas leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable 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.
I have recentlybeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in St Nicholas for a purchase of a freehold house 18 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest method to see if the premises is in your name, you can carry out 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 Nicholas conveyancing specialists.
How does conveyancing in St Nicholas differ for newly converted properties?
Most buyers of new build residence in St Nicholas approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in St Nicholas tend to acquire the site, 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 Nicholas or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. St Nicholas is the location of the property. Can you offer any advice?
Flying freeholds in St Nicholas are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Nicholas you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Nicholas may determine 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 premises.
I am tempted by the attractive purchase price for a couple of apartments in St Nicholas both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in St Nicholas - Sample of Questions you should ask Prior to buying
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Its a good idea to discover as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily issues such as the upkeep of the common parts. Don't be shy to ask other people what they think of their service. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes. Does the lease contain onerous restrictions?