My husband and I are nearing an exchange on a property in Lynmouth and my mum and dad have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my property lawyer 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 advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your 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 property in Lynmouth yet pay rent, why is this and what is this?
It’s unusual for properties in Lynmouth and has limited impact for conveyancing in Lynmouth 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am aiming to move house in February. Should my conveyancing solicitor liaise with the removal company on the completion day. As an aside, can you recommend a removal company in Lynmouth. Conveyancing solicitor was chosen before I stumbled across your page.
On the afternoon of completion you will need to collect the keys from the selling agent but this can only occur after the sellers conveyancers advise the agent that they acknowledge receipt of the completion payment and the keys can be passed over. After that you can advise the removal company that you are ready to move in. We are not in a position to suggest a specific removal company but can assist you in locating a conveyancing in Lynmouth or a solicitor that specialises in conveyancing in Lynmouth.
Two weeks ago we had a mortgage agreed in principle with HSBC. Lynmouth conveyancing solicitors are chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC completed the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer agreed on a house in Lynmouth. My financial adviser pressured me to appoint their conveyancer. I paid an upfront payment of £200. Soon after, the conveyancer contacted me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Lynmouth is where the house is located. Can you offer any opinion?
Flying freeholds in Lynmouth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lynmouth you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lynmouth may decide 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.
I am buying a garden apartment in Lynmouth. Conveyancing lawyer has been awaiting, from the vendor, building insurance schedule. I was told today I was advised that the seller needs to send the insurance paperwork for the flat above in addition. Why would my property lawyer need to check the insurance for the other flat? Is it strictly necessary? We have been in hold for the previous three weeks…
It is not impossible in leasehold conveyancing in Lynmouth to discover Conveyancing in Lynmouth in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats as opposed to the freeholder insuring the complete property - which is definitely better. You should contact your property lawyer but it would seem that your conveyancing practitioner is looking to establish that the whole building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated as a result of lack of insurance.