My husband and I are getting closer to an exchange on a property in Sevenoaks and my parents have sent the ten percent deposit to my solicitor. 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. Apparently, 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 advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What does a local search inform me about the house we're buying in Sevenoaks?
Sevenoaks conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Onsearch The local search is essential in every Sevenoaks conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
It has been three months since my purchase conveyancing in Sevenoaks completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Sevenoaks is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sevenoaks are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sevenoaks you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sevenoaks may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be concerned about 3rd parties that I am dealing with are recommending an internet conveyancing firm rather than a High Street Sevenoaks conveyancing company?
As is the case with lots of service providers, often input from relatives can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all suggest lawyers to select. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to select your preferred conveyancer. Don't forget that the majority of lenders specify a panel list of law firms you have to use for the lender related work in your home move.
I am attracted to a couple of apartments in Sevenoaks both have approximately fifty years unexpired on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Sevenoaks - A selection of Questions you should consider Prior to buying
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Does the lease have in excess of 82 years remaining? Best to be warned if a new roof is being installed or some other significant cost is due shortly to be shared by the leasehold owners and will dramatically increase the the maintenance charges or necessitate a specific payment. Are any of leasehold owners in arrears of their service charge liability?