We are only a couple days away from an exchange on a flat in Aylsham and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to appoint a high street conveyancing solicitor in Aylsham?
You should check but the chances are that appoint one of their panel lawyers if you accept the "fee-free" offer. Call the mortgage company to determine if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Aylsham.
I'm buying my first flat in Aylsham with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my lawyer about the side-deal as it could impact my loan with the bank. Do I keep my lawyer in the dark?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Aylsham in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks tend not give a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Aylsham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Aylsham to see if the conveyancing costs will increase in light of this.
What advice can you give us when it comes to choosing a Aylsham conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Aylsham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Aylsham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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If they are not ALEP accredited then what is the reason?
I bought a 1st floor flat in Aylsham, conveyancing was carried out in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Aylsham with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2087
With just 63 years unexpired the likely cost is going to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Do I cancel my mortgage payments with TSB once a completion date for my sale in Aylsham has been agreed?
No, you should maintain meeting any mortgage payments to TSB until the mortgage is repaid out of the proceeds of sale as part of your Aylsham conveyancing.