Much to our surprise we have been advised by our mortgage broker that my Leyburn solicitor is not on the mortgage company Solicitor panel. What can I do to check?
The best course of action for you to take is to call your Leyburn conveyancer. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
3 months have elapsed since my purchase conveyancing in Leyburn concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 residence 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Leyburn. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Leyburn
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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Due to the input of my in-laws I had a survey completed on a house in Leyburn before retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some lenders may not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Leyburn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Leyburn to see if the conveyancing will be more expensive.
Do you have any top tips for leasehold conveyancing in Leyburn with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leyburn can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers. A minority of Leyburn leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Arranging a new share certificate can be a time consuming process and slows down many a Leyburn home move. If a duplicate share is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
Leyburn Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Most Leyburn leasehold properties will incur a service bill for maintenance of the block invoiced on behalf of the landlord. If you acquire the property you will have to meet this amount, usually in instalments throughout the year. This may be anything from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent for you to pay annual, ordinarily this is not a large figure, say around £25-£75 but you need to enquire as occasionally it can be many hundreds of pounds. How much is the ground rent and service charge? What restrictions are contained in the Leyburn Lease?