My wife and I are only a couple days away from an exchange on a house in Chester and my parents have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has not arrived from me my lawyer needs to make a notification to my mortgage company. Apparently, 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 informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your lawyer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my property in Chester. Conveyancing solicitors have now been instructed on the sale but I am unable to find my title deeds. Will this cause complications?
Don’t worry too much. Firstly there is a possibility that the deeds will be with your mortgage company or they may still be with the conveyancers who handled the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Chester relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
We're in Chester, FTBs purchasing with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I require fast conveyancing in Chester as I am faced with an ultimatum to exchange contracts inside one month. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?
If.Given you are not getting a home loan you have the choice not to do searches although no solicitor would recommend that you don't. Drawing on years of experience of conveyancing in Chester the following are examples of what can arise and adversely affect the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Railway Schemes,...
Last May I purchased a leasehold house in Chester. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Chester Conveyancing for Leasehold Flats - Examples of Queries before buying
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Is there a share of the freehold? Plenty Chester leasehold flats will incur a service charge for the upkeep of the block invoiced by the freeholder. Where you purchase the property you will have to pay this liability, usually periodically throughout the year. This can differ from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay annual, this is usually not a large amount, say about £25-£75 but you need to check it because sometimes it could be many hundreds of pounds. The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the tenants have being in charge if their destiny and although a managing agent is usually employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
We have instructed a Chester conveyancing solicitor for our home move (FTB’s) and have spotted in the terms and conditions that they are not regulated by the Financial Conduct Authority. Need I be concerned or is that usually the case with conveyancer?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who have strict laws in relation to amounts sitting by them.