I am getting closer to an exchange on a house in Bounds Green and my parents have transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my conveyancer 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 not just from me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is duty bound to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Is it the case that all Bounds Green solicitor practices on the Yorkshire BS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
We are getting the release of further monies on our home loan from Yorkshire BS as we intend to conduct a loft conversion to our property in Bounds Green. Are we obliged to select a bricks and mortar Bounds Green solicitor on the Yorkshire BS conveyancing panel to handle the paperwork?
Yorkshire BS would not normally appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I'm in the throws of viewing apartments in Bounds Green and I am now considering a potential offer. Is it sensible to have my property lawyer on ‘stand by’? I will be getting a home loan with Co-operative.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are getting a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
How does conveyancing in Bounds Green differ for newly converted properties?
Most buyers of new build residence in Bounds Green contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Bounds Green usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bounds Green or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Bounds Green ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may refuse to grant a loan on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bounds Green. Conveyancing will be smoother if you use a solicitor in Bounds Green especially if they are familiar with such properties in Bounds Green.
My cousin has encouraged me to instruct his conveyancers in Bounds Green. Do I take his advice?
No doubt it’s preferable to choose a conveyancing practitioner is to get recommendations from friends or family who have actually previously instructed the solicitor you're are thinking of instructing.
I wish to rent out my leasehold flat in Bounds Green. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Bounds Green conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without prior permission. Such consent must not not be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I own a ground floor flat in Bounds Green. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Lease Extension case for a Bounds Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.