My partner and I are approaching an exchange on a house in Houghton Le Spring and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company concerning 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 legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Houghton Le Spring?
There are two types of lawyers who can do conveyancing in Houghton Le Spring namely licenced conveyancers or solicitors. The two can provide conveyancing services that you need to complete the sale or acquisition of property. They are both duty bound to execute Houghton Le Spring conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally carried out and that all requirements and steps should be accurately taken.
I had a mortgage agreed in principle with UBS. Houghton Le Spring conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS done the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Virgin Money have agreed my home loan in principle, my offer on a property in Houghton Le Spring has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s panel). Contact Virgin Money or the broker and complete any outstanding documentation. Virgin Money will appoint a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Virgin Money will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Houghton Le Spring.
I am buying my first flat in Houghton Le Spring with a mortgage from Aldermore. The builders would not budge the price so I negotiated 6k of extras instead. The sale representative advised me not disclose to my lawyer about this deal as it may adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My brother has encouraged me to instruct his conveyancers in Houghton Le Spring. Should I find my own conveyancer?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to have guidance from friends or relatives who have previously instructed the firm you're are thinking of instructing.
What makes a Houghton Le Spring lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Houghton Le Spring. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall
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. HSBC Bank, Norwich and Peterborough Building Society, and TSB all have express requirements 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, obliging the purchaser to pull out.
I invested in buying a basement flat in Houghton Le Spring, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Houghton Le Spring with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2097
With 71 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
We are soon to buying a flat in Houghton Le Spring. Conveyancing is not complete but we would like have our purchase price confidential from the likes of Zoopla. Is this possible and how?
HM Land Registry as a matter of law required to disclose price paid data on the official title for domestic properties countrywide including homes in Houghton Le Spring. The Title Register is a public document, so HM Land Registry would be breaking the law if they failed to permit access to the register.
In essence you can ask the Land Registry to hide the amount paid data but the response would be a No.