My wife and I are getting closer to an exchange on a house in Ellesmere and my mum and dad have sent the exchange deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is obliged to check with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
How does conveyancing in Ellesmere differ for newly converted properties?
Most buyers of new build premises in Ellesmere approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Ellesmere usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ellesmere or who has acted in the same development.
I decided to have a survey done on a house in Ellesmere in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ellesmere. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been recommended by numerous property agents in Ellesmere to choose a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your lawyers over another?
We don’t give any commission for sending work our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Having had my offer accepted I require leasehold conveyancing in Ellesmere. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Ellesmere - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Ellesmere Leasehold Conveyancing - Examples of Queries before buying
The answer will be useful as a) areas may result in problems in the building as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have an issue with the running of the building you will wish to have complete disclosure You should be aware that where the lease has no more than eighty years it will impact the value of the flat. Check with your mortgage company that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this will be. Remember, in most cases you will be be obliged to have been the owner of the property for a couple of years in order to be entitled to extend the lease. Can you inform me if there are any major works anticipated that will increase the maintenance costs?