My wife and I are approaching an exchange on a flat in Wollaston and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my bank. 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 disclosed to the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The property lawyer is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a right to buy a flat in Wollaston. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Wollaston you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wollaston.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Wollaston I like with a park and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Wollaston in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am hoping to sign contracts shortly on a leasehold property in Wollaston. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Wollaston should include some of the following:
Additions to the premises You should be sent a copy of the lease Whether the lease restricts you from letting out the property, or working from home Your lawyers should enable you to have an understanding of the building insurance obligations Advice concerning the obligations in the lease to pay service charges - in relation to the building, and the more general rights a lessee has
I acquired a garden flat in Wollaston, conveyancing was carried out in 1997. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Wollaston with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2081
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
What tools are available to search for a Wollaston conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 25kilometers to meet the lawyer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Wollaston and you will see a number of lawyer located nearest Wollaston. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.