We are nearing an exchange on a property in Turvey and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company 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 mortgage, so is it really appropriate for him to raise this?
Your conveyancer is obliged to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My property lawyer in Turvey has never been on on the Aldermore Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Aldermore panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your existing Turvey lawyers but Aldermore will need to use a solicitor on their panel. This will result in additional overall legal fees as well as cause frustration.
- Find a new solicitor to to deal with the conveyancing, not forgetting to check they are Aldermore approved.
- Persuade your Aldermore solicitor to attempt to join the Aldermore panel
I'm buying my first flat in Turvey benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of extras instead. The estate agent told me not to tell my lawyer about the deal as it could put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I'm converting the mortgage on my existing house to a buy to let loan with Barnsley Building Society and intend to use the remaining equity as a deposit on another house. The area we are interested in is Turvey. Will your solicitors be able to act for the two lenders and tie in the conveyances?
Make use of our comparison tool on this site to ensure that the lawyers are on the relevant lender panels. On the basis that they are the lawyer should be able to connect the two transactions but you should talk with you solicitor and specify your desired outcome and needs.
Estate agents have just been given the go-ahead to market my basement flat in Turvey. Conveyancing lawyers have not yet been instructed, however I have recently had a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as normal because all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a basement flat in Turvey, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Turvey with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2096
With only 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
What is the average conveyancing fee for conveyancing in Turvey?
The average fee in 2014 for conveyancing in Turvey was £1,500 not including SDLT and Land Registry fees.