I plan on buying a leasehold flat in Waterbeach. My Solicitor has never been on on the lender solicitor list. Is it possible for me to retain my Waterbeach conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
Various options include
- Proceed with your preferred Waterbeach property lawyer but your bank will need to use a conveyancer on their approved panel. This will result in additional charges and potential delay.
- Appoint a new lawyer to conduct the conveyancing, ensuring that they are on the mortgage company conveyancing panel.
- Convince your property lawyer to do everything within their powers to get listed on the lender’s panel of solicitors
We are nearing an exchange on a flat in Waterbeach and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your lawyer is duty bound to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
2 months have elapsed since my purchase conveyancing in Waterbeach concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Waterbeach I like with amenity areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Waterbeach in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My father-in-law has suggested that I instruct his conveyancing solicitors in Waterbeach. Should I use them?
Much as we are happy to recommend a Waterbeach conveyancing lawyer the best way to select a conveyancing practitioner is to have recommendations from friends or relatives who have actually experience in using the firm you're contemplating using.
We are midway through buying a property in Waterbeach. Conveyancing lawyer has told us the title is "Leasehold". Should this make a difference on our mortgage valuation?
Waterbeach conveyancing does not normally involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a significant impact on the saleability, and most likely wouldn't be acceptable to the bank. The remaining lease term and ground rent will be specified in the lease which should be made available to your conveyancer.