I am nearing an exchange on a flat in Forestdale and my parents have transferred the exchange deposit to my property lawyer. 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. Apparently, in also acting for the lender 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 him to raise this?
Your lawyer is obliged to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
About to place an offer on a leasehold apartment in Forestdale. The property agents advise that it is normal for flats in Forestdale to have less than 75 years left on the lease. I am taking out a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/12/2024 the requirements read as follows :
I'm the single recipient of my late father’s will with all property in now in my sole name, including the house in Forestdale. The Forestdale property was put into my name in November. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most lenders would take a sensible view as this clause is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of property.
is it true that all Forestdale solicitors on the Aldermore conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do allow licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I'm in the throws of viewing flats in Forestdale and I am now considering a potential offer. Is it wise to have my conveyancer on ‘stand by’? I am planning to take a home loan with Nottingham.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are obtaining a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
Are there restrictive covenants that are commonly identified during conveyancing in Forestdale?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Forestdale. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Should I go with a Forestdale conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can conduct the conveyancing however they are based over three hundred kilometers away.
The benefit of a local Forestdale conveyancing practice is that you can pop in to sign paperwork, hand in your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were content that should surpass using an unfamiliar Forestdale conveyancing lawyer just because they are Forestdale based.
Much to my surprise my solicitor in Forestdale is asking me for ID documents asserting that this forms part of his retainer as a solicitor on the bank Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not specific to conveyancing in Forestdale