My husband and I are nearing an exchange on a property in The Hale and my mum and dad have sent the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The property lawyer is obliged to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am planning to acquire a flat and require a conveyancing solicitor in The Hale who is on the Norwich and Peterborough Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Norwich and Peterborough Building Society in certain locations such as The Hale. We dont recommend any particular firm.
Will my solicitor be raising enquiries about flooding during the conveyancing in The Hale.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in The Hale. There are those who acquire a house in The Hale, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their conveyancers which will figure out the risks in The Hale. The conventional set of completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to find out whether the property has ever been flooded. In the event that the residence has been flooded in past which is not revealed by the vendor, then a purchaser may bring a claim for damages stemming from an incorrect answer. The purchaser’s lawyers should also conduct an enviro search. This should indicate if there is a recorded flood risk. If so, further inquiries will need to be made.
It has been 4 months since my purchase conveyancing in The Hale completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a property in The Hale in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks tend not issue a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in The Hale. Conveyancing may be slightly more expensive based on your lender's requirements.