My partner and I are only a couple days away from an exchange on a house in Sunningdale and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not arrived from me my conveyancer needs to make a notification to my mortgage company. I am advised that, 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 disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancer is legally required to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My aunt passed away six months ago and as sole heir and executor I was left the property in Sunningdale. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
I am close to exchanging contracts on the sale of our property in Sunningdale and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers used a national conveyancing firm as opposed to a conveyancing solicitor in Sunningdale. We have lived in Sunningdale for six years we know of no issue. Should we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must enquire of 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 health insurance to cover that same sickness)
I'm purchasing my first flat in Sunningdale with a loan from Clydesdale. The developers would not move on the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my conveyancer about this deal as it could affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £305k and identified one near me in Sunningdale I like with open areas and railway links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Sunningdale suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.