My partner and I are nearing an exchange on a house in Langley and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to clarify with the bank to ensure that they know 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.
Do commercial conveyancing searches reveal impending roadworks that could affect a commercial property in Langley?
Many commercial conveyancing solicitors in Langley will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Langley. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Langley.
For every commercial conveyancing transaction in Langley it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Langley commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Langley.
It has been 3 months following my purchase conveyancing in Langley completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build apartment in Langley. Conveyancing is necessary evil 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 conveyancing.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Langley
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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I am looking at a two apartments in Langley which have about forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Langley is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Langley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Langley conveyancing firm to help?
Most certainly. We are happy to put you in touch with a Langley conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Langley property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The remaining number of years on the lease was 69 years.