My wife and I are nearing an exchange on a house in Wembley Park and my parents have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancer is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold house in Wembley Park but nevertheless charged rent, why is this and what is this?
It is rare for properties in Wembley Park and has limited impact for conveyancing in Wembley Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My lawyer in Wembley Park is not listed on the Virgin Money Conveyancing Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Virgin Money list of approved lawyers?
The limited options open to you here include:
- Complete the purchase with your existing Wembley Park solicitors but Virgin Money will need to retain a lawyer on their panel. This will result in additional overall conveyancing charges and cause delays.
- Find an alternative solicitor to to deal with the conveyancing, remembering to check they are on the Virgin Money panel
I have recentlyfound out that Stirling Law have closed. They conducted my conveyancing in Wembley Park for a purchase of a freehold house 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Wembley Park conveyancing specialists.
I am buying a new build house in Wembley Park with a loan from Norwich and Peterborough Building Society. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my lawyer about the deal as it will impact 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.
Online research suggests that Wembley Park solicitors are more costly than Wembley Park conveyancers in Wembley Park when it comes to buying a property. So is it better if I use a conveyancer or a solicitor if I am buying a property in Wembley Park.
When it comes to conveyancing in Wembley Park the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.