My partner and I are nearing an exchange on a property in Shipston on Stour and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. Apparently, 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 advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is obliged to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My lawyer has informed me that missing deeds insurance is required on my purchase. What is the level of cover for Shipston on Stour conveyancing?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Chelsea Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
Two weeks ago we had a mortgage agreed in principle with Skipton. Shipston on Stour conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from Skipton?
There is no definitive answer here. Have Skipton conducted the survey? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I had an offer accepted on a property in Shipston on Stour on 30/10/2024, valuation was booked 2 days later, all came back fine. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Are Co-operative entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have justfound out that Wolstenholmes have closed. They conducted my conveyancing in Shipston on Stour for a purchase of a leasehold flat 10 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can make 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 Shipston on Stour conveyancing specialists.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Shipston on Stour is where the house is located. Is there any advice you can impart?
Flying freeholds in Shipston on Stour are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shipston on Stour you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shipston on Stour may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Completion is due on our sale of a £200,000 apartment in Shipston on Stour on Thursday in a week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Shipston on Stour?
Shipston on Stour conveyancing on leasehold apartments normally involves the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to do so. They are entitled to charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a basement flat in Shipston on Stour, conveyancing having been completed May 1999. Can you work out an approximate cost of a lease extension? Corresponding properties in Shipston on Stour with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease finishes on 21st October 2101
You have 77 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I have instructed a Shipston on Stour conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the Ts and Cs that they are not overseen by the Financial Conduct Authority. Am I right to be worried or is that standard with conveyancing practitioner?
We can't see why they should be. Most solicitor don't lend money. They will be regulated by the Solicitors Regulation Authority, who set stringent rules in place on monies sitting by them.