I am approaching an exchange on a flat in Lydney and my parents have sent the exchange deposit to my solicitor. 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. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about 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 lender to ensure 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 bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Lydney. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/4/2024, the requirements read as follows :
Just had an offer accepted on a new build flat in Lydney. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Lydney
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I decided to have a survey completed on a house in Lydney in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some banks may not grant a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lydney. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be suspicious about brokers that I am dealing with are recommending a web based conveyancing firm rather than a local Lydney conveyancing firm?
As is the case with many professional services, often referrals from family and friends can be extremely useful or valuable. Yet there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to instruct. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to appoint your preferred conveyancer. You need to be aware that most lenders operate an approved list of law firms you are obliged to use for the lender related work in your conveyancing.
Should one as executor remove a deceased person's details from the title deeds for a house in Lydney?
Where a Lydney property is co-owned and one of the proprietors passes away, the name will not immediately be removed from the title deeds. It is not necessary to remove their name as when it comes to a disposal your conveyancer would simply be asked to evidence as to the reason the other proprietor is missing from the transfer, such as a grant of probate.
With a view to making the sale conveyancing simpler for the sale of the property you may arrange to have the deceased party removed from the title register by submitting an application to HMLR with evidence of the death. There is no fee from the Registry for this service.