We are nearing an exchange on a property in Coombe and my parents have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my mortgage company. Apparently, 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 lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your solicitor is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Coombe?
Where you are retaining lawyers for conveyancing in Coombe your lawyer will request that you put them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this should be required shortly ahead of exchange of contracts. The final balance that is due will be payable a few days prior to the completion date.
Please explain the implications if my solicitor is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Coombe?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm refinancing my existing house to a BTL mortgage with National Westminster Bank and I will use the rest of the raised equity as a deposit on further house. The location we are looking at is Coombe. Will your conveyancers be able to act for both sets of lenders and link together the transactions?
Make use of our search tool on this page to check that the conveyancers are on the appropriate lender panels. On the basis that they are your lawyer will be able to connect the two transactions but you should talk with you conveyancer and communicate your desired outcome and requirements.
I am employed by a reputable estate agent office in Coombe where we have experienced a number of flat sales derailed due to short leases. I have received contradictory information from local Coombe conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Coombe. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Coombe flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.