My husband and I are nearing an exchange on a house in Raunds and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from 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 informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your lawyer is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Raunds is more expensive?
Raunds leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
How does conveyancing in Raunds differ for newly converted properties?
Most buyers of new build or newly converted property in Raunds approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Raunds usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Raunds or who has acted in the same development.
If all goes to plan we aim to complete our sale of a £350,000 maisonette in Raunds in 10 days. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Raunds?
Raunds conveyancing on leasehold flats often involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
I bought a split level flat in Raunds, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Raunds with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2081
With 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
If instructed can a conveyancer remove a name from the title of my home in Raunds ?
Extracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a solicitor to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer