I am nearing an exchange on a flat in Biggleswade and my mum and dad have sent the 10% deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is legally required to check with mortgage company to make sure that they understand 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.
Do lenders provide you with an approved list of Biggleswade conveyancing solicitors? How do you know who is on the Co-operative conveyancing panel?
Biggleswade conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
Does a directory service exist listing Nottingham panel solicitors in Biggleswade on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of banks make their panel listings viewable online. If you are in need of a Biggleswade property lawyer on the Nottingham please make the most of our tool.
I have instructed a Biggleswade property lawyer having made sure that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Biggleswade surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Co-operative have agreed my home loan in principle, my offer on a flat in Biggleswade has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (be sure the solicitors are on the bank’s panel). Call up Co-operative or your financial adviser and finalise any relevant paperwork. Co-operative will appoint a valuer who will get in touch with the estate agent or owners to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Co-operative will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Biggleswade.
It has been 2 months since my purchase conveyancing in Biggleswade took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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.
I decided to have a survey done on a property in Biggleswade prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies will refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Biggleswade. Conveyancing may be slightly more expensive based on your lender's requirements.
I have just started marketing my basement apartment in Biggleswade. Conveyancing lawyers have not yet been instructed, however I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual given that all rents and service invoices will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Biggleswade Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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Is anyone aware of any major works on the horizon that will likely increase the maintenance charges? How many of the leaseholders are in arrears for their maintenance charge payments? Its a good idea to find out as much as possible regarding the company managing the block as they can either make life much simpler or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. Don't be afraid to ask prospective neighbours what they think of their management. Finally, be sure you know the dates that the service fees are due to the relevant party and specifically what it includes.