I am getting closer to an exchange on a property in Earl Shilton and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The solicitor is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My partner and I have arranged a further advance on our home loan from RBS as we want to conduct renovations to our home in Earl Shilton. Do we need to choose a local Earl Shilton solicitor on the RBS conveyancing panel to handle the legals?
RBS do not ordinarily require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
I am currently in the process of buying my council flat in Earl Shilton. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I can not work out if my bank requires a lease extension. I have called into my local Earl Shilton bank branch on various occasions and was told they are content with the situation and they would lend. My Earl Shilton conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
3 months have gone by following my purchase conveyancing in Earl Shilton completed. I have checked the Land Registry site which shows that I paid £200,000 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 asset 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 have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Earl Shilton I like with a park and station nearby, however it's only got 49 years unexpired on the lease. There is not much else in Earl Shilton for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
What makes your site different to other online quote calculators for conveyancing in Earl Shilton?
At this site receive an accurate costs illustration from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Earl Shilton. Unlike many estate agents and brokerage sites we do not have kick-back arrangements with solicitors. Many agents and online brokers 'recommend' solicitors who pay the most commission, rather than the best value conveyancing in Earl Shilton
Builders have recommended to me a solicitor and I've received an estimate from them. They are almost three hundred pounds less expensive than my local Earl Shilton property lawyer. Should I use them?
Housebuilders normally have lists of solicitors who are quick and who know the builder's contract and solicitor. Plenty of developers offer an incentive to use a preferred conveyancer for this reason, any increased fees can be avoided and a developer will not suggest a conveyancing factory and run the risk of having the conveyancing delayed when they demand an exchange inside a month. A counter-argument for not agreeing to use the recommended property lawyer is that they may prove hesitant to fight for your interests for fear of alienating the developer. Where you have concerns that this may be the situation you should remain with your local Earl Shilton solicitor.