We are only a couple days away from an exchange on a flat in Irlam and Cadishead and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold property in Irlam and Cadishead yet charged rent, why is this and what is this?
It is rare for properties in Irlam and Cadishead and has limited impact for conveyancing in Irlam and Cadishead 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My lawyer in Irlam and Cadishead has never been on on the Barclays Solicitor Panel. Is it possible for me to use my family solicitor even though they are excluded from the Barclays panel?
Your options are as follows:
- Carry on with your preferred Irlam and Cadishead solicitors but Barclays will need to instruct a solicitor on their panel. This will result in additional total conveyancing fees and result in frustration.
- Choose an alternative solicitor to act in the conveyancing, obviously checking they are Barclays approved.
- Try to convince your Barclays based solicitor to try to join the Barclays panel
We are getting the release of further funds on our home loan from Leeds Building Society as we want to conduct a loft conversion to our house in Irlam and Cadishead. Are we obliged to choose a local Irlam and Cadishead solicitor on the Leeds Building Society conveyancing panel to handle the legals?
Leeds Building Society would not normally instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
It is unclear whether 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 Irlam and Cadishead bank branch on various occasions and was told they are content with the situation and they would lend. My Irlam and Cadishead conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, she or he must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a house in Irlam and Cadishead. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Irlam and Cadishead conveyancer is on the Virgin Money conveyancing panel.
I have been on the look out for a flat up to £235,500 and found one near me in Irlam and Cadishead I like with open areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Irlam and Cadishead suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities 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.