My partner and I are nearing an exchange on a flat in Petersfield and my mum and dad have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Petersfield costs more?
The conveyancing costs on a leasehold premises in Petersfield is inevitably higher when contrasted to a freehold transaction. This is due to the supplemental investigations required in communicating with the landlord and managing agents to obtain evidence about whether the rent and service fee have been discharged and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
A friend recommended that if I am buying in Petersfield I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Petersfield conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Petersfield around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Petersfield Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Petersfield Education with plans and statistics, Local Amenities and other useful data concerning Petersfield.
Due to the input of my in-laws I had a survey completed on a house in Petersfield ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks will refuse to give a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can check via 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 Petersfield. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use your search facility to locate a conveyancing lawyer in Petersfield on the approved list for my bank?
Step one is to choose a lender such as Birmingham Midshires, Norwich and Peterborough Building Society or Aldermore then choose your location for instance Petersfield. Conveyancing organisations in Petersfield and nationally should be listed.
Finally our conveyancing in Petersfield is completing this Friday, but the owners I am purchasing from wishes to move out 24 hours later at PM. Can I accept this?
In situations where you need a bank loan then your conveyancing practitioner will insist that you have vacant possession on Friday - the lender will compel it.