My partner and I are nearing an exchange on a house in Perton and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your solicitor is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Should my solicitor be asking questions concerning flooding during the conveyancing in Perton.
Flooding is a growing risk for lawyers carrying out conveyancing in Perton. There are those who purchase a house in Perton, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of checks that may be carried out by the purchaser or by their conveyancers which will give them a better understanding of the risks in Perton. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could commence a claim for damages as a result of such an inaccurate response. The purchaser’s solicitors will also order an environmental search. This will higlight if there is any known flood risk. If so, more detailed inquiries should be initiated.
Just acquired a semi-detached house in Perton , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Perton conveyancing solicitor works at snail pace, so I want to check the land registry aspects are dealt with.
As far as conveyancing in Perton registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether it is in order and if the Land registry have to notify any interested parties. As of today roughly three quarters of submission are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration occurs after the purchaser is living at the premises thus registration formalities is not usually an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Perton I like with open areas and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Perton suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
Planning to complete next month on a ground floor flat in Perton. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Perton should include some of the following:
Who has the liability to repair and maintain the main walls and foundations. It is essential that you know which party is responsible the repair and maintenance of all parts of the block and estate You should know if the lease permits you to add or upgrade aspects of the premises- you should be made aware as to whether it applies to all alterations or limited to structural alteration, and whether consent is mandated necessary specifics of the parties to the lease, e.g. these could be the leaseholder, superior lessor, landlord The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I own a 2 bed flat in Perton, conveyancing having been completed June 2006. Can you work out an approximate cost of a lease extension? Equivalent properties in Perton with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2075
With just 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.