My husband and I are only a couple days away from an exchange on a property in Earlsfield and my mum and dad have transferred the 10% deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The property lawyer is duty bound to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Finally the sale completed on my house in Earlsfield last November yet the purchaser is Skype messaging every few hours to moan that their lawyer needs to hear from myconveyancer. What are the post completion sale legalities following completion?
Following your house sale your solicitor should send the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also confirm that the legal charge in favour of the lender has been repaid to the purchasers conveyancers. There is unlikely to be post completion formalities peculiar conveyancing in Earlsfield.
I have been recommended a conveyancing solicitor in Earlsfield. I need to find out if they are accepted on the Halifax approved list of lawyers. Could you advise?
The first thing to do is phone your conveyancer and ask them if they can act for the bank. Otherwise please call Halifax who may be able to confirm.
Me and my partner are purchasing a apartment in Earlsfield. It might be a silly question but how we can trust a solicitor? At some point we have to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the single beneficiary of my late mum's will with all property in now in my sole name, including the house in Earlsfield. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view lenders take of it, depend on the mortgage company as this provision is principally there to pick up on subsales or the wholesaling and assigning of property.
When it comes to mortgage companies such as Nationwide, do Earlsfield conveyancers face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Is it best to choose a Earlsfield conveyancing lawyer based in the area that I am buying? An old friend can handle the legal work however her office is over three hundred miles drive away.
The primary upside of using a high street Earlsfield conveyancing practice is that you can attend the office to execute paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that should trump using an unknown Earlsfield conveyancing lawyer solely due to them being Earlsfield based.
I have had difficulty in trying to purchase the freehold in Earlsfield. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Earlsfield property is 35 Trewint Street in February 2012. The Tribunal arrived at a premium of £32 425 for the freehold reversion. The matter was transferred back to the court for further consideration which required the applicants pay the premium (less any assessed costs) into court after which the court would execute a transfer of the freehold. This case was in relation to 2 flats. The remaining number of years on the lease was 70.57 years.
What makes a Earlsfield lease unmortgageable?
There is nothing unique about leasehold conveyancing in Earlsfield. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.