My wife and I are approaching an exchange on a property in Rutland and my mum and dad have sent the 10% deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Rutland?
There are many recorded licenced Conveyancers in Rutland and Solicitor partnerships in Rutland offering conveyancing We would stress that the two are regulated professionals specialising in the legal work in transferring property. They may both also handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am due to move property in November. Should my conveyancing solicitor update the removal company on the day of completion. On a separate note, can you recommend a removal company in Rutland. Conveyancing lawyer was found before I stumbled across this site.
On the afternoon of completion you can collect the keys from the selling agent however this can only be done when the sellers lawyers inform the agent that they have the completion monies and the keys can be passed over. Subsequently you can tell the removal company that they can start moving you in. We do not suggest a specific removal organisation but can assist you in choosing a conveyancing in Rutland or a legal practice that specialises in conveyancing in Rutland.
I have decided to exercise my right to buy my property in Rutland off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Rutland. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Rutland
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Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Rutland I like with amenity areas and railway links in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Rutland suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
What makes a Rutland lease unmortgageable?
There is nothing unique about leasehold conveyancing in Rutland. All leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the property Insurance obligations
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
Rutland Leasehold Conveyancing - Sample of Queries before Purchasing
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Plenty Rutland leasehold apartments will be liable to pay a service charge for maintenance of the building levied on behalf of the management company. Where you purchase the apartment you will have to meet this contribution, usually in instalments accross the year. This may differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a exorbitant sum, say about £25-£75 but you should to enquire as on occasion it could be surprisingly expensive. Who are the managing agents? The answer will be useful as a) areas could cause problems in the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to know about it