My partner and I are only a couple days away from an exchange on a property in Budleigh Salterton and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been received from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your lawyer is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Budleigh Salterton, FTBs buying with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am assisting my sister sell her house in Budleigh Salterton. Does the conveyancing solicitor arrange an EPC or do I organise this?
Following the demise of Home Packs, energy performance certificates was kept a mandatory component of moving house. An energy assessment needs to be commissioned prior to the property being advertised. It is not a task that lawyers normally organise. Where you are using a Budleigh Salterton conveyancing practitioner they might be willing to arrange energy assessments given their contacts with reputable Budleigh Salterton providers
We are getting the release of further monies on our home loan from Nottingham as we intend to carry out improvements to our property in Budleigh Salterton. Are we obliged to appoint a bricks and mortar Budleigh Salterton solicitor on the Nottingham conveyancing panel to handle the legals?
Nottingham do not ordinarily appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
Aldermore have agreed my home loan in principle, my offer on a house in Budleigh Salterton has been accepted, what happens next?
The property agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Telephone Aldermore or the financial adviser and finish off any appropriate paperwork. Aldermore will appoint a valuer who will get in contact with the estate agent or seller to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Aldermore will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Budleigh Salterton.
I have todayfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Budleigh Salterton for a purchase of a leasehold apartment 9 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Budleigh Salterton conveyancing specialists.
I am purchasing my first flat in Budleigh Salterton benefiting from help to buy. The builders would not budge the amount so I negotiated £7000 of extras instead. The estate agent told me not to tell my solicitor about this deal as it could adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My fiance and I may need to sub-let our Budleigh Salterton garden flat for a while due to a career opportunity. We used a Budleigh Salterton conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Budleigh Salterton do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I own a 1st floor flat in Budleigh Salterton, conveyancing formalities finalised April 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Budleigh Salterton with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2103
You have 78 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.