My husband and I are approaching an exchange on a house in Gosport and my mum and dad have sent the 10% deposit to my solicitor. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you help - my lawyer says that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Gosport?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and The Mortgage Works. Conveyancing solicitors as opposed to borrowers take out such policies.
I currently have a mortgage with Virgin Money for my property in Gosport. Conveyancing has been completed 12 months ago. If I am intending 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 Virgin Money?
Virgin Money must be informed of your intention prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent 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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
Completion of my purchase has taken place for my property in Gosport. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Gosport.
Flooding is a growing risk for solicitors conducting conveyancing in Gosport. There are those who purchase a house in Gosport, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or by their lawyers which can figure out the risks in Gosport. The conventional set of property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to find out if the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a claim for damages as a result of such an incorrect reply. A buyer’s solicitors should also carry out an enviro report. This should indicate whether there is any known flood risk. If so, more detailed investigations should be made.
Are there restrictive covenants that are commonly identified during conveyancing in Gosport?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Gosport. 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…’
I have been pointed in your direction by numerous selling agents in Gosport to get a quote from a solicitor on your site. What’s the financial incentive for Estate Agents to recommend your services over and above a competitor’s?
We don’t make any financial incentive for sending work in our direction. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are the frequently found deficiencies that you come across in leases for Gosport properties?
There is nothing unique about leasehold conveyancing in Gosport. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Royal Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I own a basement flat in Gosport, conveyancing having been completed November 2011. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Gosport with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2105
With only 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.