We are approaching an exchange on a flat in Okehampton and my mum and dad have sent the 10% deposit to my . I am now advised that as the deposit has not arrived from me my needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Okehampton? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Okehampton. Nowadays you will not be able to complete any conveyancing transaction in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of ID it must be both the paper section as well as the photo card part, one is not acceptable in the absence of the other.
Evidence of the origin of funds is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your lawyer must have this information on file. Your Okehampton conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask further questions regarding the origin of funds.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Okehampton I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Okehampton for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Is it best to choose a Okehampton conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can handle the conveyancing however his firm is located approximately 350miles drive away.
The benefit of a local Okehampton conveyancing firm is that you can attend the office to execute paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and the majority were happy that must trump using an unfamiliar Okehampton conveyancing solicitor solely due to them being Okehampton based.
My wife and I purchased a leasehold house in Okehampton. Conveyancing and mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Okehampton who acted for me is not around. What should I do?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Okehampton conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a leasehold flat in Okehampton, conveyancing formalities finalised 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Okehampton with over 90 years remaining are worth £165,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 50
You have 50 years left to run the likely cost is going to range between £36,100 and £41,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.