My wife and I are nearing an exchange on a flat in Stockwood and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is obliged to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
A friend advised me that in buying a property in Stockwood there could be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are a number of properties in Stockwood which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Stockwood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the single beneficiary of my late mum's will and I have everything in my name now, including the house in Stockwood. The Stockwood property was put into my name in June. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership could be treated the same way as if I'd bought the property in June. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some mortgage companies would take a practical view as this obligation primarily exists to capture subsales or the wholesaling and assigning of property.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Stockwood building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Stockwood conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. Who do I believe?
Your conveyancer has to comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are selling our home in Stockwood and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any high street Stockwood conveyancer would know that there is no such problem. It does beg the question why the buyers used a web based conveyancing practice rather than a conveyancing solicitor in Stockwood. Having lived in Stockwood for three years we know that this is a non issue. Should we contact our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You should check with 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 illness)
Is it best to appoint a Stockwood conveyancing practitioner based in the area that I am hoping to buy? We have a good friend who can execute the legal formalities but his firm is located 300miles away.
The benefit of a high street Stockwood conveyancing firm is that you can attend the office to sign paperwork, hand in your ID and apply pressure on them if necessary. Having local Stockwood know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were content that must outweigh using an unfamiliar Stockwood conveyancing lawyer solely due to them being local.
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Stockwood. I now want to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist would be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Stockwood.
I bought a leasehold flat in Stockwood, conveyancing having been completed November 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Stockwood with over 90 years remaining are worth £222,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2096
With only 71 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
We have appointed a Stockwood conveyancing solicitor for our house purchase (first time buyers) and have picked up in the terms and conditions that they are not covered by the FCA. Need I be concerned or is that standard with lawyer?
We can't see why they should be. Most solicitor don't lend money. They will be governed by the Solicitors Regulation Authority, who dictate stringent conditions in relation to monies deposited on client account.