My partner and I are approaching an exchange on a house in The Ridgeway and my parents have sent the exchange deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My wife and I are purchasing a apartment in The Ridgeway. It might be a silly question but how we can trust a lawyer? At some point we have to put our life savings into their account. What protection do we have from them run away with our monies?
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.
We are getting the release of further monies on our home loan from UBS as we intend to carry out alterations to our property in The Ridgeway. Do we need to select a bricks and mortar The Ridgeway solicitor on the UBS conveyancing panel to handle the paperwork?
UBS do not ordinarily instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
We have agreed to purchase a house in The Ridgeway. A rare aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nottingham your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Nottingham where a lease fails to meet these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to The Ridgeway.
How does conveyancing in The Ridgeway differ for new build properties?
Most buyers of new build property in The Ridgeway approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in The Ridgeway typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in The Ridgeway or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in The Ridgeway I like with open areas and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in The Ridgeway suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
How simple is it to change conveyancer as I need to select one who is on the Chelsea Building Society conveyancing panel. I hired a family conveyancing solicitor in The Ridgeway five minutes from me but the firm is not approved by Chelsea Building Society
It would be our pleasure to help you find a conveyancing solicitor in The Ridgeway on the Chelsea Building Society panel. Please note that the law firms that we list do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in The Ridgeway. Using search facility on this page, you can contrast costs for conveyancing solicitors in The Ridgeway and throughout England and Wales.
Should I go with a The Ridgeway conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can deal with the conveyancing but his firm is located over three hundred miles away.
The benefit of a high street The Ridgeway conveyancing practice is that you can drop in to execute documents, present your ID and pester them where appropriate. Having local The Ridgeway know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and the majority were impressed that must outweigh using an unknown The Ridgeway conveyancing solicitor just because they are round the corner.