We are only a couple days away from an exchange on a flat in Alderley Edge and my parents have sent the ten percent deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my lawyer needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor 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. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We see that you have a search directory identifying solicitors on the Nottingham conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Alderley Edge?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Alderley Edge.
Is it necessary to pay for insurance to cover chancel repairs when acquiring a property in Alderley Edge?
Unless a prior purchase of the house completed after 12 October 2013 you could take it that lawyers carrying out conveyancing in Alderley Edge to remain recommending a chancel search and or insurance against a claim.
five months have elapsed following my purchase conveyancing in Alderley Edge took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 residence 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Alderley Edge is the location of the property. Can you offer any advice?
Flying freeholds in Alderley Edge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alderley Edge you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alderley Edge may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.