My husband and I are approaching an exchange on a property in Burbage and my mum and dad have sent the exchange deposit to my . I am now informed that as the deposit has been received from someone other than me my needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The is obliged to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my house in Burbage. Conveyancing lawyers have now been appointed on the sale but I am unable to find the deeds. Will this cause complications?
Don’t worry too much. Firstly the deeds may be retained by your lender or they could stored with the conveyancers who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring current official copies of the land registers. Almost all conveyancing in Burbage relates to registered property but in the rare situation where your home is not registered it is more problematic but is resolvable.
Despite weeks of looking the Title Certificate and documents to my property are lost. The conveyancers who dealt with the conveyancing in Burbage 5 years ago are no longer around. What are my next steps?
Gone are the days when you need to hold title original deeds to establish that you own the land or premises, as the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Burbage I like with amenity areas and station nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Burbage suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Burbage. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Burbage ?
The majority of houses in Burbage are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Burbage in which case you should be shopping around for a Burbage conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As 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 landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.