My wife and I are getting closer to an exchange on a flat in Okehampton and my parents have sent the 10% deposit to my . I am now informed that as the deposit has not arrived from me my needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The is duty bound to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Okehampton? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you need to sign should stipulate this. Your lender will also require certain documents to be viewed. If you are unwilling to hand over identification documents, your solicitor would not be able to accept instructions from you.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Okehampton I like with amenity areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Okehampton for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Is it best to use a Okehampton conveyancing practitioner based in the location that I am buying? I have an old university friend who can conduct the legal work but her office is 200kilometers away.
The benefit of a local Okehampton conveyancing practice is that you can drop in to execute paperwork, hand in your identification documents and apply pressure on them if necessary. They will also have local insight which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and they were happy that must outweigh using an unknown Okehampton conveyancing lawyer solely due to them being Okehampton based.
I own a leasehold flat in Okehampton. Conveyancing and mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Okehampton who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Okehampton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a leasehold flat in Okehampton, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Okehampton with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 50
You have 50 years remaining on your lease we estimate the price of your lease extension to span between £36,100 and £41,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs 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 you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.