My wife and I are getting closer to an exchange on a flat in Ewloe and my parents have sent the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must inform 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 this now to delay the deal?
Your conveyancer is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold residence in Ewloe but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Ewloe and has limited impact for conveyancing in Ewloe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am purchasing my first flat in Ewloe with a mortgage from HSBC Bank. The sellers would not move on the price so I negotiated £7000 of extras instead. The house builders rep advised me not disclose to my conveyancer about this deal as it could affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We're FTB’s - had an offer accepted, but the property agent told us that the seller will only proceed if we instruct the agent's recommended solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer who is familiar with conveyancing in Ewloe
We suspect that the seller is unaware of this requirement. Should the seller desire ‘a quick sale', alienating a motivated purchaser is not the way to achieve this. Avoid the agents and go straight to the sellers and make sure they understand (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Ewloe conveyancing lawyers - rather thanthose that will give the estate agent a kickback or meet his conveyancing targets pre-set by corporate headquarters.
I am on look out for some leasehold conveyancing in Ewloe. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Ewloe - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a 1 bedroom flat in Ewloe, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Ewloe with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease runs out on 21st October 2084
With only 65 years left to run we estimate the price of your lease extension to span between £13,300 and £15,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be 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.