We are approaching an exchange on a flat in Cross Keys and my parents have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is obliged to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my house in Cross Keys. Conveyancing lawyers have just been appointed on the sale but I am unable to track down my title deeds. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be with your lender or they may stored with the lawyers who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Cross Keys relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
I'm buying a new build house in Cross Keys with a loan from The Mortgage Works. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about this side-deal as it could adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Cross Keys I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Cross Keys suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years 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 current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
As co-executor for the estate of my aunt I am disposing of a house in Newport but live in Cross Keys. My conveyancer (approximately 200 kilometers awayneeds me to sign a statutory declaration ahead of completion. Could you suggest a conveyancing lawyer in Cross Keys to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are based in Cross Keys