My partner and I are nearing an exchange on a property in Wednesbury and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your conveyancing practitioner 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 reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Wednesbury. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Skipton will require that you use a conveyancer on the Skipton 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 Skipton 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 Skipton mortgage is registered as a charge at the Land Registry.
A relative suggested that where I am buying in Wednesbury I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Wednesbury conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Wednesbury around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Wednesbury Education with maps and statistics, Local Amenities and other useful information about Wednesbury.
What makes a Wednesbury lease unmortgageable?
There is nothing unique about leasehold conveyancing in Wednesbury. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
Wednesbury Conveyancing for Leasehold Flats - Examples of Queries before buying
How much is the annual maintenance fee and ground rent? Generally speaking the cost for major works are not included within service charges, albeit that there some managing agents in Wednesbury require tenants to contribute towards a reserve fund created for the specific intention of building a fund for larger works. It would be prudent to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the communal areas. You should not be afraid to ask prospective neighbours if they are happy with their service. Finally, be sure you discover the dates that the maintenance charges are due to the managing agents and specifically what you get for your money.
Do I cancel the direct debit for my mortgage with Skipton as soon as a completion date for my sale in Wednesbury has been set?
No, you should continue meeting any mortgage payments to Skipton pending the mortgage being discharged from the proceeds of sale as part of your Wednesbury conveyancing.