My partner and I are getting closer to an exchange on a house in Sharnbrook and my parents have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from 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 hold matters up?
Your conveyancer is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
A relative pointed out to me me that in buying a property in Sharnbrook there could be various restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in Sharnbrook which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Sharnbrook should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are getting a further advance on our mortgage from Barclays as we wish to conduct a loft conversion to our house in Sharnbrook. Do we need to select a nearby Sharnbrook solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays would not normally require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays panel.
I am expecting a OIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Sharnbrook solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Sharnbrook solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
About to purchase a new build flat in Sharnbrook. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Sharnbrook
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a ground for flat up to £235,500 and identified one near me in Sharnbrook I like with a park and transport links nearby, the downside is that it only has 52 years on the lease. There is not much else in Sharnbrook for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Sharnbrook. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations an enquiry agent should be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Sharnbrook.
I inherited a split level flat in Sharnbrook, conveyancing was carried out in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Sharnbrook with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2095
With 73 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.