My partner and I are only a couple days away from an exchange on a property in Colchester and my parents have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification 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 not just from 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?
The property lawyer is duty bound to clarify with lender to ensure that they are aware 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 permit them to, failing which, your lawyer must cease to continue acting.
Forgive me if this question is silly but I am new to the house moving as FTB of a garden flat in Colchester. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will use a local conveyancing solicitor in Colchester?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Can I be sure that the Colchester conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Colchester getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your conveyancing.
The mortgage over my property is with Aldermore for my property in Colchester. Conveyancing was finalised 12 months 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 buy-to-let mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
Will commercial conveyancing searches reveal proposed roadworks that may impact a commercial estate in Colchester?
Its becoming the norm that commercial conveyancing solicitors in Colchester will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Colchester. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Colchester.
For each commercial conveyancing transaction in Colchester it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Colchester commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Colchester.
Due to the guidance of my in-laws I had a survey completed on a property in Colchester prior to appointing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Colchester. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colchester to see if the conveyancing costs will increase in light of this.
I am selling my house. My past conveyancers have shut. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Colchester if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Colchester. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I want to rent out my leasehold apartment in Colchester. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Colchester conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet without prior consent. The consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Leasehold Conveyancing in Colchester - A selection of Questions you should consider before buying
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How much is the ground rent and service charge? You should want to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Enquire of other people what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. Please note if it is no more than eighty years it will affect the marketability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth discovering how much this will be. For most Colchesterlease extensions you will need to own the residence for two years in order to be entitled to extend the lease.