It has come to my attention via my financial adviser that my Locksbottom property lawyer is not on the bank Solicitor panel. What can I do to be certain if this is indeed the case?
The first thing you need to do is to contact your Locksbottom conveyancer. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My partner and I are nearing an exchange on a flat in Locksbottom and my parents have transferred the ten percent deposit to my conveyancer. 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 bank. Apparently, 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 informed 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?
Your conveyancing practitioner is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can I use your services to find a Conveyancing solicitor in Locksbottom even if I’m not purchasing or selling a house, for instance where I wish to buy a shop in Locksbottom with a mortgage from Virgin Money?
Our comparison service is mainly utilised to help choose residential conveyancing solicitors in Locksbottom but we have recorded towards the end of this page a few Locksbottom commercial conveyancing firms. You should enquire with the company directly to establish if they are also authorised to represent Virgin Money
Should my lawyer be raising enquiries about flooding as part of the conveyancing in Locksbottom.
Flooding is a growing risk for lawyers dealing with homes in Locksbottom. There are those who buy a property in Locksbottom, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Locksbottom. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to determine if the property has historically flooded. If flooding has previously occurred and is not revealed by the vendor, then a buyer could bring a claim for damages resulting from an inaccurate reply. A purchaser’s lawyers should also conduct an environmental search. This should higlight if there is a recorded flood risk. If so, further inquiries should be carried out.
How does conveyancing in Locksbottom differ for new build properties?
Most buyers of new build property in Locksbottom approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Locksbottom usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Locksbottom or who has acted in the same development.
I am looking for a flat up to £245,000 and identified one round the corner in Locksbottom I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Locksbottom suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.