I am approaching an exchange on a property in Shildon and my parents have transferred the exchange deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your solicitor is duty bound to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Do I have to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Shildon so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to provide ID documents and there are still manifest advantages to choosing a local practitioner, in your situation a conveyancing solicitor in Shildon.
I have recentlybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Shildon for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shildon conveyancing specialists.
Due to the encouragement of my in-laws I had a survey completed on a house in Shildon prior to instructing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some lenders tend refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Shildon. Conveyancing will be smoother if you use a solicitor in Shildon especially if they are acquainted with such properties in Shildon.
How do I locate a Shildon solicitor on the Virgin Money conveyancing panel? I have a car and am happy to travel upto 20kilometers to meet the solicitor.
Feel free to make use of the tool on this page. Please choose the mortgage company and your location and you will see a number of Shildon conveyancing lawyers based on proximity. We have listed some Shildon conveyancing firms towards the end of this page and you can telephone them to see whether they are on the Virgin Money approved list
I have just started marketing my garden flat in Shildon. Conveyancing has not commenced, however I have just received a yearly maintenance charge invoice – what should I do?
It best that you clear the invoice as usual given that all rents and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a 1st floor flat in Shildon, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Shildon with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With 53 years unexpired the likely cost is going to span between £27,600 and £31,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.