My partner and I are approaching an exchange on a house in Wendover and my mum and dad have sent the exchange deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my mortgage company. I am advised that, 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 informed the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
It has been 2 months since my purchase conveyancing in Wendover concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Wendover differ for newly converted properties?
Most buyers of new build premises in Wendover contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because builders in Wendover tend to 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 conveyancing solicitors 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 Wendover or who has acted in the same development.
All being well we will complete the sale of our £300,000 apartment in Wendover next Wednesday. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Wendover?
Wendover conveyancing on leasehold apartments more often than not necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty to levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
I bought a leasehold flat in Wendover, conveyancing formalities finalised in 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Wendover with an extended lease are worth £195,000. The ground rent is £45 levied per year. The lease expires on 21st October 2085
With just 63 years left to run the likely cost is going to span between £16,200 and £18,600 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
How do I search for a Wendover conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to twentymiles to attend the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Wendover and you will see a number of lawyer located nearest Wendover. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.