I am only a couple days away from an exchange on a flat in Bassaleg and my parents have sent the 10% deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised 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 duty bound to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bassaleg. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Bassaleg
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Bassaleg is where the house is located. What do you suggest?
Flying freeholds in Bassaleg are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bassaleg you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bassaleg may decide 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'm remortgaging my primary house to a buy to let loan with HSBC Bank and intend to use the remaining equity towards further house. The neighborhood we are looking at is Bassaleg. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Do use our search tool on this page to check that the solicitors are approved by both mortgage companies. Having checked that they are your lawyer should be able to simultaneously deal with the two transactions but you should have a chat with you solicitor and make clear your expectations and needs.
My wife and I purchased a leasehold house in Bassaleg. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Bassaleg who previously acted has now retired. What should I do?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Bassaleg conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a ground floor flat in Bassaleg, conveyancing formalities finalised in 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bassaleg with over 90 years remaining are worth £181,000. The ground rent is £55 yearly. The lease expires on 21st October 2069
With just 50 years remaining on your lease we estimate the premium for your lease extension to be between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.