I am approaching an exchange on a flat in Wigston and my mum and dad have sent the ten percent deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner is obliged to clarify 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 disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a terraced Edwardian house in Wigston. Conveyancing solicitor represented me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wigston and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing solicitor who carried out the work.
I am purchasing a new build house in Wigston with a mortgage from Godiva Mortgages Ltd. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not disclose to my solicitor about the side-deal as it would adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 ground for flat up to £245,000 and identified one near me in Wigston I like with open areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Wigston in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Do I have to have a meeting at the offices of the mortgage company conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Wigston so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for the mortgage company undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Wigston. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.