We are approaching an exchange on a flat in Houghton Le Spring and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your property lawyer is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold premises in Houghton Le Spring but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Houghton Le Spring and has limited impact for conveyancing in Houghton Le Spring but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Do the Building Society Association intend to launch a online directory to to identify solicitors on the Darlington Building Society conveyancing panel for instance in Houghton Le Spring?
We would not expect to be advised of any intention on the part of the BSA to promote such a search facility.
Should my conveyancer be raising questions about flooding during the conveyancing in Houghton Le Spring.
The risk of flooding is if increasing concern for solicitors dealing with homes in Houghton Le Spring. There are those who purchase a house in Houghton Le Spring, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or by their solicitors which should figure out the risks in Houghton Le Spring. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to discover if the property has ever been flooded. If the premises has been flooded in past which is not disclosed by the vendor, then a buyer could bring a legal claim for losses resulting from an misleading response. A purchaser’s solicitors should also conduct an enviro search. This will indicate if there is a recorded flood risk. If so, additional inquiries should be carried out.
Your search tool is useful but there are many lawyers listed near Houghton Le Spring being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the mortgage company approved panel?
We do not recommend specific Houghton Le Spring firms as the right Houghton Le Spring conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Houghton Le Spring knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..