We are approaching an exchange on a house in Banwell and my parents have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
four months have gone by following my purchase conveyancing in Banwell completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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.
Just had an offer accepted on a new build flat in Banwell. Conveyancing is daunting 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Banwell
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan.
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in Banwell I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Banwell suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
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I am looking to buy a property and need a conveyancing solicitor in Banwell who is on the mortgage company solicitor panel. Can you recommend a Banwell or local Banwell solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Banwell. We dont recommend any particular conveyancing practice.