My wife and I are only a couple days away from an exchange on a flat in Taplow and my parents have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is obliged to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Various online forums that I have come across warn that are the main reason for stalling in Taplow conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Taplow.
Should I be wary that brokers that I am dealing with are suggesting a national conveyancing firm as opposed to a local Taplow conveyancing firm?
As is the case with many professional services, often recommendations from connections can be extremely useful or valuable. Nevertheless there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest solicitors to select. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the right to choose your preferred conveyancer. However, bear in mind that most banks have an approved list of lawyers you are obliged to use for the lender aspect of your home move.
Can you provide any advice for leasehold conveyancing in Taplow from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Taplow can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ solicitors. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a time consuming process and frustrates many a Taplow conveyancing transaction. If a reissued share is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Taplow leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the consents in place do not contact the landlord without checking with your lawyer before hand. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
I inherited a 1 bedroom flat in Taplow, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Taplow with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2095
With 70 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure 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 in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues 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 based on this information before getting professional advice.
My folks cant seem to find their Taplow property on the HMLR site. They have a vague recollection 50 years ago when they acquired the house there were complications concerning Taplow not being recognised in some systems.
Almost all properties in Taplow should show up. Have you tried a search to simply the postcode. Normally it should disclose all the residences within the postcode. Assuming the property is recorded it will show up with a title number. Where they bought fifty years ago it's conceivable it may be not yet registered. The property could still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title papers which might be with your parent’s bank.