My husband and I are nearing an exchange on a flat in Spital and my parents have sent the 10% deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancer needs to make a notification 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 disclosed to the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is obliged to clarify with the bank to make sure 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 mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am considering remortgaging my property in Spital, does my lawyer need to be on the HSBC Conveyancing panel?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been told that property searches are the primary reason for delay in Spital conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Spital.
Are there restrictive covenants that are commonly identified as part of conveyancing in Spital?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Spital. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Spital I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Spital suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
How does one as executor remove a deceased person's details from the title deeds for a house in Spital?
If a Spital property is co-owned and one of the proprietors passes away, their name will not automatically be removed from the title deeds. You are not required to amend the title as when it comes to a sale you would simply need to supply proof why the co owner is not a party to the transfer, such as a grant of probate.
With the aim of making things smoother in the future you may arrange to have the deceased name erased from the title entries by applying to HM Land Registry with proof of the death. There is no land registry fee payable.