My wife and I are nearing an exchange on a house in Corbridge and my mum and dad have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has not arrived from me my conveyancing practitioner 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 not just from me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your lawyer is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are planning to acquire a flat and require a conveyancing solicitor in Corbridge who is on the Leeds Building Society conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Corbridge.
We're in Corbridge, First timers 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 property lawyer 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.
Due to the advice of my in-laws I had a survey completed on a property in Corbridge prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies will not give a loan on such a house.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Corbridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be suspicious about estate agents that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Corbridge conveyancing firm?
As with lots of professional services, often suggestions from relatives can be extremely useful or valuable. Yet there are lots of people with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders might all put forward lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to choose your preferred conveyancer. However, bear in mind that many banks specify a panel list of conveyancers you have to use for the mortgage aspect of your conveyancing.
I have just appointed agents to market my ground floor flat in Corbridge. Conveyancing is yet to be initiated, but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal because all ground rent and maintenance charges will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a garden flat in Corbridge, conveyancing formalities finalised in 2002. Can you work out an approximate cost of a lease extension? Equivalent properties in Corbridge with a long lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2079
With just 53 years left to run the likely cost is going to be between £27,600 and £31,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should 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.