We are only a couple days away from an exchange on a property in Telford and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is duty bound to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It is is a decade since I bought my property in Telford. Conveyancing lawyers have recently been instructed on the sale but I can't locate the title deeds. Is this a problem?
Don’t worry too much. First the deeds may be kept by your lender or they could be in the possession of the lawyers who oversaw your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. The vast majority of conveyancing in Telford involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
We are getting the release of further monies on our home loan from Barclays as we want to conduct improvements to our property in Telford. Are we obliged to choose a nearby Telford solicitor on the Barclays conveyancing panel to handle the legals?
Barclays don't usually require firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays conveyancing panel.
I'm at the point of looking at flats in Telford and I am now considering a potential offer. Should I already have a conveyancer in place at this point? I am planning to take a mortgage with Lloyds.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Telford is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
I completed on my house on 10 May and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Telford expressed confidence that it would be registered in less than a month. Are properties in Telford uniquely lengthy to register?
As far as conveyancing in Telford registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether there are errors and whether the Land registry have to notify any other persons or bodies. Currently in the region of three quarters of submission are fully addressed in less than three weeks but occasionally there can be protracted delays. Historically registration occurs once the buyer is living at the property therefore an expedited registration is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
I'm refinancing my primary house to a buy to let mortgage with Halifax and intend to use the remaining equity as a down payment on a second property. The neighborhood we are looking at is Telford. Will your conveyancers be able to act for both sets of mortgage companies and link together the two deals?
Make use of our comparison tool on this page to be sure that the solicitors are approved by both banks. On the basis that they are your conveyancer will be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and make clear your expectations and needs.
My wife and I purchased a leasehold house in Telford. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Telford who previously acted has now retired. Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to instruct a Telford conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a studio flat in Telford, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Telford with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2105
With only 80 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.