My husband and I are approaching an exchange on a property in Arnos Grove and my mum and dad have sent the exchange deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my conveyancer needs to make a notification 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 disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancing practitioner is duty bound to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Do I need to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Arnos Grove so that I can attend their offices if required.
Whereas this was necessary ten years ago, the vast majority banks no longer need their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to supply ID documents and there are still manifest benefits to using a local ayer, in your case a conveyancing solicitor in Arnos Grove.
We previously instructed conveyancers locally in Arnos Grove on the Yorkshire BS solicitor panel. They are now charging me an additional fee for the legal aspects of the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. This charge is not set by Yorkshire BS but by your Arnos Grove solicitor. Numerous firms on the Yorkshire BS panel will charge ’dealing with mortgage’ fee but many practices incorporate it on their overall fee.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Arnos Grove conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
The mortgage over my property is with Virgin Money for my property in Arnos Grove. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
Just had an offer accepted on a new build apartment in Arnos Grove. Conveyancing is necessary evil 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 are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Arnos Grove
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Arnos Grove is where the house is located. Can you offer any assistance?
Flying freeholds in Arnos Grove are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Arnos Grove you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Arnos Grove may determine 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 premises.
I was pointed in your direction by a few selling agents in Arnos Grove to choose a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your site rather than a competitor’s?
We refuse to give any referral fee for directing people our way. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.