My husband and I are nearing an exchange on a flat in Alexandra Park and my mum and dad have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My wife and I buying a 4 bedroom semi-detached house in Alexandra Park. Our aim is to carry out a loft conversion at the house.Will the conveyancing process include checks to see if these works were previously refused?
Your property lawyer will review the deeds as conveyancing in Alexandra Park will on occasion reveal restrictions in the title documents which prohibit categories of alterations or require the permission of another owner. Some additions need local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor prior to committing yourself to a purchase.
I'm the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Alexandra Park. Conveyancing formalities meant that the Land Registry date was in July. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be considered the same way as if I'd bought the property in July. Do I have to wait 6 months to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. many banks would take a pragmatic view as this clause is chiefly there to capture the purchase and immediately sell or the quick reselling of properties.
I currently have a mortgage with Bank of Ireland for my property in Alexandra Park. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
Due to the guidance of my in-laws I had a survey completed on a property in Alexandra Park before retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Alexandra Park. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to instruct a Alexandra Park conveyancing lawyer who is local to the property I am purchasing? An old friend can carry out the legal formalities however they are based 200miles drive away.
The benefit of a local Alexandra Park conveyancing practice is that you can drop in to execute documents, hand in your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were happy that should surpass using an unknown Alexandra Park conveyancing solicitor just because they are local.
I have just appointed agents to market my 2 bed flat in Alexandra Park. Conveyancing lawyers have not yet been instructed, but I have recently received a yearly maintenance charge invoice – Do I pay up?
It best that you clear the invoice as you normally would given that all ground rent and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the proprietor of a ground-floor 1960’s flat in Alexandra Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Absolutely. We can put you in touch with a Alexandra Park conveyancing firm who can help.
An example of a Lease Extension decision for a Alexandra Park property is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case was in relation to 1 flat. The unexpired term was 65.21 years.
Are all Alexandra Park property lawyers on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your high street bank branch in Alexandra Park. Chances are that they will know some good conveyancing solicitors in Alexandra Park