We are approaching an exchange on a property in Molesey and my parents have transferred the exchange deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification 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 advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancing practitioner is obliged to check with the bank to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
If you had a top tip for choosing a conveyancing solicitor in Molesey what would it be?
We would encourage you not to base your choice on the cheapest Molesey conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Molesey solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Molesey postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Molesey.
At last I have had an offer on an apartment in Molesey agreed to, the owners do nevertheless have a tied purchase. The owners have put an offer on on an apartment, however it’s not yet agreed to, and are looking at other properties in the pipeline. I have instructed a high street conveyancing solicitor in Molesey. What do I do now? At what stage should I apply for the mortgage with Nottingham?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then survey, Molesey conveyancing search charges, etc). The first course of action is to check that your solicitor is on the Nottingham approved list. Regarding the next steps this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. During a rising market some home buyers would apply for the mortgage with Nottingham and arrange for the valuation and only if it comes back ok would they request their conveyancer to move forward with the conveyancing in Molesey.
I am purchasing my first flat in Molesey with the aid of help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not inform my solicitor about this deal as it will affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey done on a property in Molesey ahead of retaining lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some banks may refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Molesey. Conveyancing will be smoother if you use a solicitor in Molesey especially if they are accustomed to such properties in Molesey.
I need to appoint a conveyancing solicitor for my conveyancing in Molesey. I've stumble upon a site which seems to have the ideal offering If it is possible to get all this stuff completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any advice for leasehold conveyancing in Molesey with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Molesey can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers’ conveyancers. Many freeholders or Management Companies in Molesey charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Molesey. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy process and frustrates many a Molesey conveyancing transaction. Where a reissued share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Molesey conveyancing firm to assist?
Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to determine the amount due.
An example of a Lease Extension matter before the tribunal for a Molesey residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.