My husband and I are nearing an exchange on a flat in Aldborough Hatch and my parents have transferred the 10% deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The conveyancing practitioner is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
At what point can the exchange of contracts take place for residential conveyancing in Aldborough Hatch and am I required to attend the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Aldborough Hatch you are welcome to come in to sign the paperwork. However, the firms we recommend offer a national conveyancing service and give as equally diligent and professional a job for you when communicating with you by post or email. The signing of the sale agreement is not the point of no return. A signed contract is necessary for the solicitor to address the formalities at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Aldborough Hatch)to be in the office available at the end of the phone to exchange contracts.
What is your number one tip for finding a conveyancing solicitor in Aldborough Hatch
It would be unwise to be seduced by the cheapest Aldborough Hatch conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Aldborough Hatch conveyancer on the Principality panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Aldborough Hatch bank branch on various occasions and was told they are content with the situation and they will lend. My Aldborough Hatch conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the property lawyer is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Aldborough Hatch. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Aldborough Hatch ?
The majority of houses in Aldborough Hatch are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Aldborough Hatch so you should seriously consider shopping around for a Aldborough Hatch conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I am the leaseholder of a ground-floor 1960’s flat in Aldborough Hatch. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Aldborough Hatch flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired term as at the valuation date was 61.36 years.
I need to review quotes for conveyancing in Aldborough Hatch from numerous conveyancing practitioner and choose one. Should I ask them to hold tight until I a suitable apartment to buy.
You should wait to ask your property lawyer to start work and submit searches once the offer has been accepted on the property especially as Aldborough Hatch conveyancing searches are a couple of hundred pounds.