My partner and I are nearing an exchange on a property in Petersfield and my mum and dad have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a post code search directory identifying firms on the RBS conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Petersfield?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Petersfield.
Is it the case that all Petersfield solicitor practices on the Kent Reliance conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
About to purchase maisonette in Petersfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Petersfield solicitor is on the UBS conveyancing panel.
I have finally had an offer on a maisonette in Petersfield agreed to, but there is a chain. The sellers have put an offer on somewhere, but it’s not yet agreed to, and have viewings of other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Petersfield. What do I do now? At what stage should I apply for the mortgage with Nationwide?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then survey, Petersfield conveyancing search charges, etc). First, you must ensure that your solicitor is on the Nationwide conveyancing panel. Concerning the next stages this very much dictated by the circumstances of your transaction, desire for this property and on the state of the market. During a buoyant market the majority of home buyers will apply for the mortgage with Nationwide and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to move forward with searches.
The estate agent has sent us the confirmation of our purchase of a new build flat in Petersfield. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Petersfield
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared.
I would like to sublet my leasehold flat in Petersfield. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Petersfield do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am the registered owner of a ground floor flat in Petersfield, conveyancing having been completed June 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Petersfield with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2095
With just 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
I have been advised by numerous estate agents to expect six to eight weeks for Petersfield conveyancing to complete.This was 3 ago. The draft contract was only received to my property lawyer yesterday so now does it countdown?
There is no conventional countdown for conveyancing in Petersfield, or any area in the UK. You just have to make sure your finances are in order and in due course the rest will come together.