My partner and I are nearing an exchange on a property in Alton and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It is is a decade since I bought my house in Alton. Conveyancing lawyers have recently been retained on the sale but I am unable to locate the title deeds. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by the lender or they could stored with the solicitor who acted in your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Alton relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Alton. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Skipton will require that you use a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
I completed on my flat on 14 February and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Alton advises it would be recorded in a couple of weeks. Are titles in Alton particularly slow to register?
There is nothing unique about conveyancing in Alton registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether there are errors and whether the Land registry communicate with any third persons or bodies. Currently in the region of three quarters of submission are completed within two weeks but some can be subject to extensive delays. Registration is effected once the purchaser has moved in to the premises therefore 'speed' is not usually top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
The estate agent has sent us the confirmation of our purchase of a new build flat in Alton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Alton
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Alton I like with a park and railway links nearby, however it only has 52 years on the lease. There is not much else in Alton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.