We are only a couple days away from an exchange on a flat in Silsoe and my mum and dad have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your lawyer is obliged to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
As a novice what is the most important piece of guidance you can give me about purchase conveyancing in Silsoe?
Not many law firms or advisers will tell you this but conveyancing in Silsoe or throughout England and Wales is an adversarial process. In other words, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the transaction. E.g., the vendor, property agent and even potentially the bank. Choosing a lawyer for your conveyancing in Silsoe is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to act in your legal interests and to keep you safe.
On occasion a third party with a vested interest will attempt to sway you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by suggesting your conveyancer is wrong. Or your mortgage broker may tell you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
What is the optimum way to find out if the solicitor conducting my conveyancing in Silsoe is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Ireland thus spending £192.00 in additional legal costs.
Feel free to take advantage of the search tool on this site. Pick the lender and type ‘Silsoe’ or your preferred area and you will discover a number of lawyer located in Silsoe or near you.
Me and my partner are purchasing a house in Silsoe. I might seem paranoid but how we can trust a conveyancer? At some point we will need to deposit funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I recently had an offer accepted on an apartment in Silsoe. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £200. Shortly after, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a flat in Silsoe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds 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 Silsoe conveyancer is on the Lloyds conveyancing panel.
How easy is it to transfer to a new firm as I need to retain one who is on the Godiva Mortgages Ltd conveyancing list. I hired a family conveyancing solicitor in Silsoe round the corner but he is not accepted by Godiva Mortgages Ltd
It would be our pleasure to help you select a conveyancing solicitor in Silsoe on the Godiva Mortgages Ltd panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Silsoe. Using the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Silsoe.
Expecting to sign contracts shortly on a studio apartment in Silsoe. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Silsoe should include some of the following:
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specifics of the parties to the lease, e.g. these could be the lessee, superior lessor, landlord You must be advised what is to be regarded as a Nuisance in the lease The unexpired lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years Are you allowed to have a pet in the flat? Who has the liability for repairing the window frames
I bought a studio flat in Silsoe, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Silsoe with an extended lease are worth £202,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.