I am only a couple days away from an exchange on a house in Chester le Street and my parents have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The solicitor is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Just had an offer accepted on a new build flat in Chester le Street. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Chester le Street
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. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Chester le Street I like with open areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Chester le Street in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
How simple is it to use the search app to find a conveyancing solicitor in Chester le Street on the panel for my lender?
First select a lender such as Santander, The Royal Bank of Scotland or TSB then specify your location e.g. Chester le Street. Conveyancing practices in Chester le Street and further afield should be listed.
If all goes to plan we aim to complete our sale of a £300,000 apartment in Chester le Street in 10 days. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Chester le Street?
Chester le Street conveyancing on leasehold flats often requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled to charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to complete the sale of your home.
I own a 1 bedroom flat in Chester le Street, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Chester le Street with over 90 years remaining are worth £171,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2098
With 79 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.