I am only a couple days away from an exchange on a house in Easingwold and my parents have sent the exchange deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your property 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 funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are all Easingwold Conveyancing Quality Solicitors on the TSB conveyancing list of approved practices?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
I had an offer accepted on an apartment in Easingwold on 30/5/2024, valuation was booked 3 days after, received a clean bill of health. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Principality and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Principality conveyancing panel. Are Principality entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Lloyds have agreed my home loan in principle, my offer on a apartment in Easingwold has been agreed to, what are the next steps?
Your property agent will want to know who your solicitors are (ensure that the property lawyers are on the lender’s approved list). Call up Lloyds or the broker and complete any outstanding paperwork. Lloyds will instruct a valuer who will get in touch with the selling agent or owners to schedule a slot for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Lloyds 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 Easingwold.
It has been three months since my purchase conveyancing in Easingwold concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Easingwold. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Easingwold
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Easingwold I like with open areas and station nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Easingwold for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
In what way can the Landlord & Tenant Act 1954 impact my commercial offices in Easingwold and how can your lawyers assist?
The particular law that you refer to provides protection to business tenants, giving them the a statutory right to make a request to court for a new tenancy and continue in occupation at the end of the lease term. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Easingwold