I am only a couple days away from an exchange on a property in Penwortham and my mum and dad have transferred the 10% 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. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am considering applying for a Yorkshire BS mortgage for purchase of a newly converted (under development) in Penwortham with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
There is nothing to stop you using your solicitor, but Yorkshire BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Are there restrictive covenants that are commonly identified as part of conveyancing in Penwortham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Penwortham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey completed on a house in Penwortham before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders may not grant a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Penwortham. Conveyancing will be smoother if you use a solicitor in Penwortham especially if they are acquainted with such properties in Penwortham.
We're first time buyers - agreed a price, yet the agent told us that the vendor will only move forward if we appoint their chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer who is accustomed to conveyancing in Penwortham
It is improbable the vendors are behind this. Should the vendor desire ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you intend to use your own,trusted Penwortham conveyancing lawyers - not the ones that will provide their estate agent a commission or meet his conveyancing targets pre-set by corporate headquarters.
I've recently bought a leasehold property in Penwortham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Penwortham Leasehold Conveyancing - Sample of Questions you should ask before buying
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How many of the leaseholders are in arrears for their service charge payments? Most Penwortham leasehold apartments will have a service bill for the upkeep of the building invoiced by the management company. If you buy the property you will have to pay this liability, usually in instalments accross the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, normally this is not a significant amount, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds. How much is the ground rent and service charge?