My wife and I are getting closer to an exchange on a house in Gaydon and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is obliged to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Having sold my house in Gaydon last June but our buyer keeps whats apping me to moan that her lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
Following your house sale your solicitor is obliged to forward the transfer deeds and all supplemental paperwork to the purchaser's solicitors. Where appropriate, your solicitor must also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There are no post completion formalities just for conveyancing in Gaydon.
About to place a bid on a leasehold apartment in Gaydon. The property agents tell me that it is the norm for flats in Gaydon to have less than 75 years left on the lease. I am getting a mortgage with Bank of Ireland. Is this going to be a problem if the lease has Seventy One years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/12/2018 the requirements read as follows :
Is it the case that all Gaydon solicitors on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the SRA. Some lenders do allow licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
My partner and I have organised the release of further monies on our mortgage from Co-operative as we intend to carry out alterations to our house in Gaydon. Are we obliged to appoint a nearby Gaydon solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative would not normally appoint a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Gaydon bank branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Gaydon conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I simply don't know who is right.
Your conveyancing practitioner has to comply with the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying a new build apartment in Gaydon. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Gaydon
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.