My partner and I are nearing an exchange on a flat in Henleaze and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised 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 solicitor is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Do all mortgage companies provide you with an approved list of Henleaze conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Henleaze conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
We are getting a further advance on our home loan from Skipton as we wish to conduct renovations to our home in Henleaze. Do we need to select a nearby Henleaze solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton do not ordinarily appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton list.
My husband and I are in the process of viewing flats in Henleaze and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a mortgage with Skipton.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
It is unclear whether my bank requires a lease extension. I have called into my local Henleaze building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Henleaze conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your solicitor must comply with the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
4 months have elapsed following my purchase conveyancing in Henleaze took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Henleaze I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Henleaze in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
What is the distinction between surveying and conveyancing in Henleaze?
Conveyancing - in Henleaze or elsewhere - is the process of legally transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the seller to remedy the problems before you complete your move.