We are getting closer to an exchange on a house in Chalfont St Giles and my parents have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is duty bound to clarify with the bank to make sure that they understand 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.
I purchased a freehold property in Chalfont St Giles but still pay rent, why is this and what is this?
It is rare for properties in Chalfont St Giles and has limited impact for conveyancing in Chalfont St Giles but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Is it the case that all Chalfont St Giles CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
Intending to buy a apartment in Chalfont St Giles. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Chalfont St Giles solicitor is on the TSB conveyancing panel.
RBS have agreed my mortgage in principle, my bid on a flat in Chalfont St Giles has been accepted, what happens next?
Your property agent will wish to be advised as to your lawyer's details (ensure that the property lawyers are on the lender’s panel). Contact RBS or your broker and complete any appropriate documentation. RBS will instruct a valuer who will get in touch with the estate agent or seller to book an appointment. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. RBS will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Chalfont St Giles.
What does a local search tell me about the house we're buying in Chalfont St Giles?
Chalfont St Giles conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Searchflow The local search plays a central role in many a Chalfont St Giles conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I am looking at a two maisonettes in Chalfont St Giles which have in the region of forty five years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
Chalfont St Giles Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Best to be warned whether a new roof is being installed or some other significant cost is pending that will be shared between the leasehold owners and will materially increase the the service costs or require a one off payment. How long is the Lease? What is the annual service fee and ground rent?
My parents are encountering problems in finding their Chalfont St Giles property on the HMLR online search facility. They have a vague recollection back in the 70’s when they acquired the house there were complications regarding Chalfont St Giles not being identified on some systems.
The vast majority of residences in Chalfont St Giles should be revealed. Have you attempted a search to just the postcode. Ordinarily it should disclose all the residences inside that postcode. Where registered it will show up with a title number. Where they bought 48 years ago it's conceivable it may be unrecorded. The property could still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title papers which could be with your parent’s mortgage company.