My wife and I are only a couple days away from an exchange on a house in Mossley Hill and my mum and dad have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. 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 disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Mossley Hill? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you need to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to supply identification documents, your solicitor will not be able to take you on as a client.
This question may be naive but I am unexperienced as a 1st time purchaser of a garden flat in Mossley Hill. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Mossley Hill?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to collect the keys from the Estate Agents and start moving into the property. Usually this occurs early afternoon.
I currently have a mortgage with Coventry BS for my property in Mossley Hill. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval prior to letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel firm.
After shopping around on the internet I have found a Mossley Hill conveyancer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Mossley Hill postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in Mossley Hill.
Me and my brother own a semi-detached Georgian house in Mossley Hill. Conveyancing practitioner represented me and Aldermore. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mossley Hill and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing lawyer who conducted the purchase.
Sixweeks into a sale of a flat in Mossley Hill. Conveyancing is fine but we are being charged an extortionate amount by the freeholder. So far we have issued a cheque for £225 for a leasehold management information and then a further £118 for supplemental questions raised by the buyers lawyer.
Your solicitor will not have any say over the extent of the fee for this information however the typical fee for the information for Mossley Hill leasehold property is £360. For Mossley Hill conveyancing transactions it is conventional for the vendor to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions although many will be content to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no legislation that mandates set charges for administrative tasks. Neither is there any statutory time frame by which they are required to supply the information.