My wife and I are approaching an exchange on a flat in Bordon and my parents have sent the 10% deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your solicitor is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
There is lots of information on this site concerning conveyancing in Bordon but can you isolate your top tip for choosing the right conveyancer in Bordon
It would be unwise to be seduced by the lowest Bordon conveyancing costs illustration. 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.
When it comes to mortgage companies such as Skipton, do Bordon solicitors incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
The mortgage over my property is with Clydesdale for my property in Bordon. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Bordon I like with amenity areas and railway links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Bordon in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
How straightforward is it to use the search tool to get a fee calculation from a conveyancing practitioner in Bordon on the panel for my lender?
First pick a bank such as Halifax, Norwich and Peterborough Building Society or Aldermore then specify your location for instance Bordon. Conveyancing firms in Bordon and beyond should be identified.
Am I best advised to choose a Bordon conveyancing practitioner who is local to the property I am purchasing? An old friend can execute the conveyancing however her office is 200kilometers drive away.
The benefit of a local Bordon conveyancing firm is that you can pop in to sign paperwork, deliver your identification documents and pester them where appropriate. They will also have local intelligence which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were happy that should outweigh using an unknown Bordon conveyancing lawyer just because they are local.