I am getting closer to an exchange on a house in North Cave and my mum and dad have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are buying a flat and need a conveyancing solicitor in North Cave who is on the UBS conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in North Cave.
I am looking for a flat up to £195,000 and identified one round the corner in North Cave I like with amenity areas and station in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in North Cave for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I am selling my home. My past conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in North Cave if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in North Cave. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I am a negotiator for a busy estate agency in North Cave where we have experienced a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local North Cave conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
North Cave Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
Best to be warned if a new roof is being put on or some other major work is anticipated to be shared by the leasehold owners and may well dramatically impact the level of the service costs or require a specific payment. For many North Cave leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in North Cave obliged tenants to contribute towards a reserve fund created for the specific intention of building a fund for larger repairs or maintenance. You should want to discover as much as you can about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the communal areas. Enquire of other tenants if they are happy with their service. On a final note, be sure you understand the dates that the maintenance charges are due to the managing agents and specifically how they are spending that money.