My wife and I are getting closer to an exchange on a property in Bedwas and my parents have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I have todaydiscovered that Wolstenholmes have been shut down. They conducted my conveyancing in Bedwas for a purchase of a leasehold apartment 18 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest method to check if the premises is registered to you, 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 Bedwas conveyancing specialists.
How does conveyancing in Bedwas differ for newly converted properties?
Most buyers of new build property in Bedwas contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Bedwas usually purchase 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 property lawyers 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 Bedwas or who has acted in the same development.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Bedwas. I've discover a web site which looks to be the ideal solution If it is possible to get all the legals done via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I own a leasehold flat in Bedwas. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Bedwas who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Bedwas conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a leasehold flat in Bedwas, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Bedwas with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2070
With 50 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.