My wife and I are approaching an exchange on a flat in Wiveliscombe and my parents have sent the ten percent deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your conveyancer is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Wiveliscombe, FTBs buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as Principality, do Wiveliscombe solicitors incur a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Wiveliscombe property lawyer on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
The mortgage over my property is with Coventry BS for my property in Wiveliscombe. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
You must advise Coventry BS prior to renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
We're novice buyers - had an offer accepted, but the property agent advised that the vendor will only issue a contract if we use their chosen solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in Wiveliscombe
We suspect that the seller is not behind this request. If they require ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Bypass the agents and go straight to the owners and make sure they understand (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you will continue to appoint your preferred Wiveliscombe conveyancing firm - not the ones that will give their estate agent a introducer fee or hit his conveyancing thresholds demanded by head office.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Wiveliscombe. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wiveliscombe ?
Most houses in Wiveliscombe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Wiveliscombe in which case you should be shopping around for a Wiveliscombe conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
I purchased a basement flat in Wiveliscombe, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Wiveliscombe with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2091
With 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Are all Wiveliscombe law firms on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your high street lender branch in Wiveliscombe. the probability is that they will know some good conveyancing solicitors in Wiveliscombe