My husband and I are approaching an exchange on a property in Gatley and my parents have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your conveyancer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am buying a house and require a conveyancing solicitor in Gatley who is on the Skipton Building Society approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Skipton Building Society in certain locations such as Gatley. We dont recommend any particular firm.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Gatley I like with amenity areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Gatley in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I have been recommended by a number of property agents in Gatley to find a solicitor on your site. What’s the financial advantage for Estate Agents to recommend your services rather than another?
We don’t give any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Can you provide any advice for leasehold conveyancing in Gatley from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Gatley can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Gatley state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. If you fail to have the consents in place do not contact the landlord without contacting your lawyer in the first instance. The majority of landlords or managing agents in Gatley charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Gatley. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and slows down many a Gatley conveyancing deal. If a duplicate share is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
I inherited a basement flat in Gatley, conveyancing formalities finalised July 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Gatley with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2084
With only 65 years remaining on your lease we estimate the price of your lease extension to span between £13,300 and £15,400 plus legals.
The figure above a general guide to costs for renewing 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 may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.