I am only a couple days away from an exchange on a flat in Ilfracombe and my mum and dad have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my mortgage company. Apparently, 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 mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your conveyancer is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My bid for a property was accepted at auction in Ilfracombe. Conveyancing is required. What is next?
Given that you have now legally bound yourself to purchase you now have to appoint a conveyancing lawyer soon as you now have a fast approaching a drop dead date to complete the property. An auction property will ordinarily have an associated legal pack. This will likely include evidence of title and search results. Where you are dealing with leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to pass this on to the lawyer working for you at the earliest opportunity. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
When it comes to mortgage companies such as Lloyds, do Ilfracombe lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
My wife and I have arranged the release of further monies on our home loan from TSB as we intend to conduct improvements to our home in Ilfracombe. Are we obliged to choose a bricks and mortar Ilfracombe solicitor on the TSB conveyancing panel to handle the paperwork?
TSB do not ordinarily instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
Should my solicitor be making enquiries regarding flooding as part of the conveyancing in Ilfracombe.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Ilfracombe. There are those who acquire a property in Ilfracombe, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their lawyers which should figure out the risks in Ilfracombe. The standard property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out if the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a purchaser may commence a claim for damages as a result of such an inaccurate response. A buyer’s lawyers should also commission an enviro report. This will indicate if there is a recorded flood risk. If so, additional inquiries will need to be carried out.
My wife and I own a renovated Victorian house in Ilfracombe. Conveyancing solicitor acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilfracombe and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing lawyer who completed the work.
I am buying a new build apartment in Ilfracombe. 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.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ilfracombe
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. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?