I am getting closer to an exchange on a house in Tutbury and my parents have transferred the exchange deposit to my property lawyer. I am now told that as the deposit has not arrived from me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is legally required to check with lender to make sure that they know 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.
I am aiming to move house in March. Should my conveyancing solicitor update the removal company on the completion day. On a separate note, can you put forward a removal company in Tutbury. Conveyancing solicitor was found prior to coming across your website.
On the day of completion you will need to pick up the keys from the estate agent however this can only take place once the previous owners solicitors inform the agent that they acknowledge receipt of the completion payment and the keys can be collected. Subsequently you should advise the removal company that they can start moving you in. As a matter of policy we do not suggest a particular removal company but can assist you in locating a residential property solicitor in Tutbury or a firm with expertise in conveyancing in Tutbury.
We previously appointed conveyancers locally in Tutbury on the Lloyds solicitor panel. They have just invoiced me a separate sum for the legal aspects of the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. The fee is not dictated by Lloyds but by your Tutbury conveyancing practitioner. Some firms on the Lloyds panel will levy ’dealing with mortgage’ fee and others do not.
I am due to exchange contracts on my apartment. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Coventry BS are being problematic. The Tutbury solicitor who is on the Coventry BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing my first flat in Tutbury with a mortgage from Barclays . The sellers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my solicitor about this extras as it could affect my mortgage 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.
Taking into account that I am about to part with 450k on a property in Tutbury I would like to talk to a conveyancer about mytransaction before instructing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the solicitor due to be doing your conveyancing in Tutbury.There is no ‘factory style conveyancing’ - each client is an important person, not a file reference. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Tutbury should be the amount on the final invoice that you end up paying.
My husband and I are new on the property ladder - had an offer accepted, but the selling agent informed us that the seller will only proceed if we instruct the agent's preferred solicitors as they need a ‘quick sale’. Our preferred option is to instruct a local solicitor accustomed to conveyancing in Tutbury
It is unlikely the sellers are behind this. If they require ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Contact the vendors directly and make the point that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to appoint your preferred Tutbury conveyancing solicitors - not the ones that will give their estate agent a commission or achieve conveyancing thresholds demanded by senior management.
I am tempted by the attractive purchase price for a two apartments in Tutbury which have about forty five years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
I purchased a 2 bed flat in Tutbury, conveyancing having been completed in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Tutbury with over 90 years remaining are worth £179,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2083
With just 57 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.