We are nearing an exchange on a flat in Bilston and my parents have transferred the ten percent deposit to my solicitor. I am now told 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 bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is duty bound to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am selling my flat in Bilston. Does the property lawyer need to be on the TSB conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
three months have elapsed since my purchase conveyancing in Bilston completed. I have checked the Land Registry site which shows that I paid £175,000 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 premises 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Bilston I like with open areas and transport links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Bilston suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How difficult is it to switch solicitor as I have to appoint one who is on the Godiva Mortgages Ltd conveyancing list. I had appointed a local conveyancing solicitor in Bilston round the corner but the firm is not approved by Godiva Mortgages Ltd
We will our best to assist in finding you a conveyancing solicitor in Bilston on the Godiva Mortgages Ltd panel. Please note that the property lawyers that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Bilston. In making use of search facility on this website, you can contrast costs for conveyancing solicitors in Bilston and beyond.
My husband and I have AIP from Halifax who have advised we could borrow up to £218k. When do I need to instruct a practitioner for conveyancing? Bilston is where we plan to move to.
It would be wise to instruct a conveyancing practitioner now so that the conveyancer can open the file so they can conduct the AML checks etc. Once you wish them to commence work you will be asked for a deposit normally approximately £200. That should normally be after you have the mortgage offer and valuation back, nevertheless should you want to speed matters you can get going quicker albeit risking some expense.