My partner and I are approaching an exchange on a flat in Canton and my parents have sent the exchange deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. I am advised that, 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 lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancer is legally required to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know about purchase conveyancing in Canton?
Not many law firms or advisers will tell you this but conveyancing in Canton and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is plenty of room for confrontation between you and others involved in the legal transfer of property. For example, the vendor, property agent and even potentially the lender. Choosing a lawyer for your conveyancing in Canton is a critical decision as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your best interests and to protect you.
Every so often a third party with a vested interest will attempt to sway you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by claiming that your lawyer is wrong. Or your mortgage broker may tell you to do something that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
The Canton conveyancing firm that I appointed last week on my house acquisition in Canton have suddenly closed. They were on acting for me because I had to have a firm on the Aldermore conveyancing panel and my preferred Canton lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. 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 Aldermore 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 solicitors may be able to assist.
About to purchase a new build apartment in Canton. Conveyancing is daunting 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.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Canton
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Can you offer any advice when it comes to choosing a Canton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Canton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Canton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the charges for lease extension work?
I am the registered owner of a garden flat in Canton, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Corresponding properties in Canton with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2087
With just 64 years remaining on your lease the likely cost is going to be between £14,300 and £16,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.