We are getting closer to an exchange on a house in Roundhay and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner 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 disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Despite weeks of looking the Title Certificate and documents to my home are lost. The lawyers who did the conveyancing in Roundhay 4 years ago no longer exist. What do I do?
As long as you have a registered title the information relating to your proprietorship will be evidenced by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, find your house and secure current copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
I am looking for a flat up to £305k and found one near me in Roundhay I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Roundhay in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months 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 current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Should I choose a Roundhay conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can handle the legal formalities but they are based over three hundred miles drive away.
The primary upside of using a local Roundhay conveyancing practice is that you can pop in to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were impressed that must outweigh using an unfamiliar Roundhay conveyancing solicitor just because they are local.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Roundhay. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Roundhay ?
The majority of houses in Roundhay are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Roundhay in which case you should be looking for a Roundhay conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I own a split level flat in Roundhay, conveyancing formalities finalised in 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Roundhay with over 90 years remaining are worth £171,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2104
You have 79 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.