My partner and I are approaching an exchange on a flat in Cumbria and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than 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?
Your solicitor is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We are planning to acquire a flat and require a conveyancing solicitor in Cumbria who is on the TSB approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Cumbria.
I have been told that property searches are a common reason for stalling in Cumbria house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Cumbria.
It has been 2 months following my purchase conveyancing in Cumbria completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 asset 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.
Helen (my wife) and I may need to let out our Cumbria garden flat temporarily due to taking a sabbatical. We instructed a Cumbria conveyancing practice in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Cumbria conveyancing lawyer is not around you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek permission from your landlord or some other party before subletting. The net result is you not allowed to sublet without first obtaining permission. The consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord for their consent.
I purchased a garden flat in Cumbria, conveyancing formalities finalised in 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Cumbria with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2084
With 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 as well as professional fees.
The figure above 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.