My wife and I are nearing an exchange on a flat in Linton and my parents have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your 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 funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
4 months have gone by following my purchase conveyancing in Linton took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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.
I am buying a new build house in Linton with a loan from Birmingham Midshires. The sellers would not budge the price so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about this deal as it may put at risk my loan with Birmingham Midshires. Is this normal?.
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.
Hoping to buy a property located in Linton and I am already nervous. I couldn't find anything specific about Linton. Conveyancing will be needed in due course but do you know about the Linton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Linton. In the meantime here are some basic statistics that we found
Is it best to instruct a Linton conveyancing solicitor based in the vicinity that I am buying? I have an old university friend who can conduct the legal work however his firm is located 400miles drive away.
The benefit of a high street Linton conveyancing firm is that you can attend the office to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. Having local Linton know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were impressed that should outweigh using an unfamiliar Linton conveyancing lawyer solely due to them being round the corner.
There are only Fifty years remaining on my lease in Linton. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. On the whole a specialist may be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Linton.
Linton Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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How long is the Lease? Best to be warned whether window replacement or some other significant cost is due in the foreseeable future that will be shared amongst the tenants and could well materially impact the level of the maintenance charges or result in a one time payment.