I am getting closer to an exchange on a flat in Virginia Water and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer 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 not just from me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
A friend advised me that in purchasing a property in Virginia Water there could be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of a number of properties in Virginia Water which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Virginia Water should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am currently in the process of buying my council flat in Virginia Water. I have a mortgage offer with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
The formalities of my remortgage has taken place for my property in Virginia Water. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial site in Virginia Water?
Many commercial conveyancing solicitors in Virginia Water will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Virginia Water. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Virginia Water.
For every commercial conveyancing transaction in Virginia Water it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Virginia Water commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Virginia Water.
I'm buying a new build house in Virginia Water with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about this deal as it would impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
Am I right to be suspicious about 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Virginia Water conveyancing firm?
As with many professional services, often suggestions from family and friends can be worth their weight in gold. But there are many players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all put forward lawyers to select. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You are free to choose your own lawyer. You need to be aware that many mortgage providers operate an approved list of law firms you are obliged to use for the lender aspect of your house move.
I am employed by a busy estate agency in Virginia Water where we see a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Virginia Water conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a garden flat in Virginia Water, conveyancing was carried out in 2008. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Virginia Water with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2090
You have 65 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.