My partner and I are getting closer to an exchange on a house in Alfriston and my parents have transferred the ten percent deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Is it the case that all Alfriston CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
A selection of banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
We were going to get a DIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Alfriston solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Alfriston solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I was told four weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Alfriston is approved on their conveyancing panel? Aldermore have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been three months since my purchase conveyancing in Alfriston completed. I have checked the Land Registry website which shows that I paid £200,000 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 asset 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.
Hoping to buy a property located in Alfriston and I am already nervous. I couldn't find anything specific about Alfriston. Conveyancing will be needed in due course but do you know about the Alfriston area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Alfriston. In the meantime here are some basic statistics that we found
I own a leasehold flat in Alfriston. Conveyancing was finalised in 2011. I have been told that I should not let the lease length fall too low. Is this correct?
Alfriston leasehold properties are for a set period - usually 99 years when they started. However many flats in Alfriston were constructed or converted in the 60’s and so such leases now have under eighty years left to run. That may sound like a long time however Banks, Building Societies and other mortgage institutions generally require leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To maximise the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. There are also advantages to doing so before the lease reaches even eighty years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.