My wife and I are approaching an exchange on a flat in Westbury and my parents have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my lawyer needs to disclose this to my lender. 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 concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancing practitioner is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Westbury. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 5/12/2018, the requirements read as follows :
My uncle pointed out to me me that in purchasing a property in Westbury there may be a number of restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Westbury which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Westbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can you point me to a directory of Clydesdale panel conveyancers in Westbury on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings open the public online. If you are looking for a Westbury solicitor on the Clydesdale please use our tool.
My sealed bid on a house in Westbury has been accepted, but there is a chain. The vendors have placed an offer on a property, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have selected a high street conveyancing solicitor in Westbury. What should be my next step? When should I get the mortgage application with Leeds Building Society going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then valuation, Westbury conveyancing search fees, etc). First, you should ensure that your conveyancer is on the Leeds Building Society conveyancing panel. As to the subsequent steps this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market some home buyers will apply for the mortgage with Leeds Building Society and pay for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with searches.
When it comes to leasehold conveyancing in Westbury what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Westbury. Most leases are drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I purchased a leasehold flat in Westbury, conveyancing was carried out 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Westbury with a long lease are worth £165,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2095
You have 77 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
My step-mother completed her conveyancing in Westbury Six years past. She has since got married, divorced and is now married again. She now wants to the sell the Westbury property. I believe she will simply be need to provide a copy of the marriage certificates to the lawyer however she is anxious it could hold up the sale of the property. Should she appoint a solicitor to update the land title documents for the house?
You are not required to bring up to date the register providing you have the proof needed to show how the name change occurred.
Any purchaser’s lawyer will review the registered information and ask for evidence to establish the name change for example marriage documentation.