We are only a couple days away from an exchange on a property in Lakenheath and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your conveyancer is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
The Lakenheath conveyancing lawyers that I recently instructed on my house acquisition in Lakenheath have without warning shut down. They were on acting for me because I needed a lawyer on the UBS conveyancing panel and my previous Lakenheath lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
Will our conveyancer be raising enquiries regarding flooding during the conveyancing in Lakenheath.
Flooding is a growing risk for solicitors conducting conveyancing in Lakenheath. Some people will acquire a property in Lakenheath, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Lakenheath. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out if the premises has historically flooded. In the event that the property has been flooded in past which is not revealed by the seller, then a buyer could bring a claim for damages as a result of such an misleading answer. The purchaser’s solicitors will also order an enviro search. This should reveal if there is a recorded flood risk. If so, more detailed investigations should be initiated.
The estate agent has sent us the confirmation of our purchase of a new build flat in Lakenheath. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lakenheath
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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Lakenheath is the location of the property. Can you offer any opinion?
Flying freeholds in Lakenheath are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lakenheath you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lakenheath may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.