My wife and I are nearing an exchange on a property in Staindrop and my parents have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner 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 not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your conveyancer is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I are downsizing from our house in Staindrop and according to the buyers it appears that there is a risk of it being built on contaminated land. Any high street Staindrop lawyer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing outfit rather than a conveyancing solicitor in Staindrop. We have lived in Staindrop for 5 years we know of no issue. Should we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
How does conveyancing in Staindrop differ for newly converted properties?
Most buyers of new build premises in Staindrop contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Staindrop usually purchase the site, 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 conveyancing solicitors 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 Staindrop or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one round the corner in Staindrop I like with open areas and station nearby, however it only has 49 years unexpired on the lease. There is not much else in Staindrop suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
We are expecting to complete on the purchase a house in Staindrop but as a result of wreckage from the recent storms I have negotiated reparation from the vendor of £3k in the form of a reduction in the price. This was going to be addressed as part of the conveyancing process yet my lender will not agree to this. Should they have been informed?
The property lawyer that is on a mortgage company conveyancing panel is obliged to inform the bank of any amendments to the sale amount. In the event that you prohibit your property lawyer to report the reduction to your bank then they would have no choice but to disinstructing themselves from acting for you and the mortgage company.