My partner and I are approaching an exchange on a house in Luton and my parents have sent the 10% deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to disclose this 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 informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Luton last April but my buyer keeps telephoning daily complaining that his solicitor needs to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your lawyer is duty bound to send the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your solicitor must also confirm that the legal charge in favour of the lender has been paid off to the purchasers conveyancers. There are no post completion procedures unique to conveyancing in Luton.
How does conveyancing in Luton differ for newly converted properties?
Most buyers of new build premises in Luton come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Luton typically acquire 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 accustomed to new build conveyancing in Luton or who has acted in the same development.
How easy is it to use the search tool to locate a conveyancing practitioner in Luton on the panel for my lender?
First pick a mortgage company such as Yorkshire Building Society, Barnsley Building Society or Aldermore then choose your preferred area for example Luton. Conveyancing organisations in Luton and across England and Wales should be shown.
What are the frequently found deficiencies that you come across in leases for Luton properties?
Leasehold conveyancing in Luton is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Luton Leasehold Conveyancing - Sample of Queries before buying
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What restrictions exist in the Luton Lease? Make sure you enquire if the the lease includes any onerous restrictions in the lease. For instance it is very common in Luton leases that pets are not permitted in certain buildings in Luton. If you love the propertyin Luton but your cat is not allowed to live with you then you have a very difficult compromise. How much is the service charge and ground rent on the flat?
My fiance is buying a basement flat in Luton. He has received a fee estimate by the solicitor connected to the selling agents and it came to £1275 . It was 9 years ago I sold and purchased a house and the fee was £600. Have fees really gone up that much?
You should e-mail a few local Luton conveyancing solicitors seeking prices. It is advisable to base your decision not solely on cost, but on promptness and on how comprehensive the reply is.