My husband and I are getting closer to an exchange on a flat in Kidsgrove and my mum and dad have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The conveyancer is obliged to check with the bank to ensure 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 mortgage company if you agree, failing which, your lawyer must cease to continue acting.
The Kidsgrove conveyancing solicitors that I recently instructed on my house acquisition in Kidsgrove have suddenly closed. I chose them because I had to have a firm on the Virgin Money conveyancing panel and my previous Kidsgrove 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?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Virgin Money 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 should be in a position to help.
My company is looking to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering competitive fees for commercial conveyancing in Kidsgrove for less than 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Kidsgrove, including the sale and purchase of businesses as well as simply property. If you are hoping to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. As for the costs this will depend on the structure and nuances of the proposed transaction. Let us have your details or phone us so that we may furnish you with a detailed commercial conveyancing calculation.
Estate agents have just been given the go-ahead to market my basement flat in Kidsgrove. Conveyancing lawyers have not yet been instructed, but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as you normally would because all rents and service payments will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a ground floor flat in Kidsgrove, conveyancing formalities finalised 7 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Kidsgrove with over 90 years remaining are worth £195,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2089
With 63 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Should I cancel the direct debit for my mortgage with UBS as soon as a completion date for my home sale in Kidsgrove has been agreed?
You would be well advised to keep paying any mortgage sums to UBS pending the mortgage being repaid from the proceeds of sale as part of your Kidsgrove conveyancing.