We are only a couple days away from an exchange on a property in Knutsford and my mum and dad have sent the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the lender 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 home loan, so is it really necessary for this now to delay the deal?
Your lawyer is duty bound to check with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Knutsford. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
If you plan to refinance then Co-operative will require that you use a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
How does conveyancing in Knutsford differ for newly converted properties?
Most buyers of new build property in Knutsford contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Knutsford tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Knutsford or who has acted in the same development.
I need to retain a conveyancing solicitor for purchase conveyancing in Knutsford. I've discover a web site which looks to be the ideal answer If it is possible to get all this stuff completed via phone that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a couple of maisonettes in Knutsford which have in the region of forty five years left on the leases. Do I need to be concerned?
There are plenty of short leases in Knutsford. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Knutsford - Examples of Questions you should consider before buying
You should be aware that where the lease has fewer than 80 years it will impact the salability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Knutsfordlease extensions you would need to own the premises for two years before you are entitled to exercise a lease extension. On the whole the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in Knutsford ask tenants to contribute towards a sinking fund and this is used to offset against larger works. Most Knutsford leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. If you acquire the property you will have to pay this liability, usually in instalments throughout the year. This may vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a large figure, say about £50-£100 but you need to check as on occasion it could be many hundreds of pounds.