My partner and I are only a couple days away from an exchange on a house in Arnside and my parents have sent the 10% deposit to my solicitor. I am now advised that as the deposit has not come from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Arnside. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/2/2019, the requirements read as follows :
What does commercial conveyancing in Arnside cover?
Non domestic conveyancing in Arnside incorporates a wide range of advice, provided by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Estate agents have just been given the go-ahead to market my garden flat in Arnside. Conveyancing has not commenced, however I have just received a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as you normally would because all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies 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.
Arnside Leasehold Conveyancing - Sample of Queries before buying
The prefered form of lease structure is a share of the freehold. In this situation the tenants enjoy control and even though a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. Where a Arnside lease has less than eighty years it will impact the marketability of the apartment. It is worth checking with your bank that they are happy with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will need to own the residence for a couple of years in order to be entitled to carry out a lease extension. Generally speaking the cost for major works tend not to be included within service charges, albeit that some managing agents in Arnside ask leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance.
We own a leasehold flat in Arnside. Conveyancing was finalised in 2009. I have been told that I mustn’t allow the the remaining lease term to fall too short. What is the reasoning?
Arnside residential long term leases are for a fixed period - often ninety nine years when they started. However many appartments in Arnside were built or converted in the 60’s and so such leases now have under 80 years left to run. That may seem like a long time however Banks, Building Societies and other mortgage lenders generally require leases to have a minimum of 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To maximise the saleability of your property you should be considering whether or not to extend your lease long before you come to sell it. There are also advantages to taking action before the lease reaches even eighty years as when the lease falls below eighty years the premium you have to pay to extend starts to escalate.