My partner and I are getting closer to an exchange on a flat in Kimbolton and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner is legally required to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a freehold house in Kimbolton but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Kimbolton and has limited impact for conveyancing in Kimbolton 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are buying a property and the conveyancer has referenced Chancel Repair for which the house may be liable as it falls into the area of such a church. She has mentioned insurance. Is this strictly required for conveyancing in Kimbolton
Unless a prior purchase of the premises took place after 12 October 2013 you may take it that lawyers conducting conveyancing in Kimbolton to continue to advocate a chancel search and or insurance against a claim.
How does conveyancing in Kimbolton differ for new build properties?
Most buyers of new build property in Kimbolton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Kimbolton typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Kimbolton or who has acted in the same development.
Is it best to appoint a Kimbolton conveyancing lawyer based in the area that I am purchasing? I have an old university friend who can perform the legal work however his firm is located approximately 350kilometers away.
The benefit of a high street Kimbolton conveyancing practice is that you can drop in to sign documents, hand in your identification documents and pester them if necessary. Having local Kimbolton know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that must surpass using an unknown Kimbolton conveyancing lawyer just because they are round the corner.