My wife and I are getting closer to an exchange on a property in Borrowash and my mum and dad have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. 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 disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancer is legally required to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can I use your services to locate a Conveyancing solicitor in Borrowash even where I’m not buying or selling a house, for example where I intend to buy an office in Borrowash with a loan from TSB?
The service is primarily used to find domestic conveyancing solicitors in Borrowash but we have set out towards the bottom of this page a selection of Borrowash commercial conveyancing firms. You will need to enquire with the company directly to check if they are also authorised to represent TSB
The Borrowash conveyancing firm that just started acting on my purchase in Borrowash have without warning shut down. They were on acting for me because I needed a lawyer on the Barclays conveyancing panel and my preferred Borrowash lawyer was not. I cut them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
My husband and I are one month into a freehold purchase having been recommend to a firm by the estate agent to do our conveyancing in Borrowash. I am am starting to be frustrated with the level of service. Could you you assist me in finding new solicitors?
They would have to be very poor in order to consider diss instructing them. Has the mortgage offer been sent? In the event that it has you must advise them of the replacement solicitor and get the mortgage documents are re-issued. The solicitor ideally should be on the banks panel to avoid supplemental expenses and delays. That should be your first question of the new conveyancers. Our search tool can assist you in finding a bank approved solicitor for your conveyancing in Borrowash
I am a negotiator for a busy estate agent office in Borrowash where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Borrowash conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a 2 bed flat in Borrowash, conveyancing formalities finalised June 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Borrowash with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2069
With 50 years left to run the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.