My wife and I are nearing an exchange on a house in Eccleshall and my mum and dad have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the bank 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 mortgage, so is it really necessary for this now to delay the deal?
The solicitor is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am purchasing a new build flat in Eccleshall. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Eccleshall you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Eccleshall.
My wife and I purchased a renovated Georgian property in Eccleshall. Conveyancing solicitor represented me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching property. Is it worth asking Barnsley Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Eccleshall and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Eccleshall I like with open areas and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Eccleshall suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities 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 solicitor about this matter.
Do I need to be wary about estate agents that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Eccleshall conveyancing company?
As with lots of professional services, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward conveyancers to retain. Sometimes the lawyers might be known to one of the organisations as being good in their field, but sometimes there exists a financial incentive behind the recommendation. You have the discretion to appoint your own conveyancer. Don't forget that many lenders have an approved list of law firms you must use for the lender related work in your home move.
Is it the case that all Eccleshall property lawyers on every lender conveyancing panel?
You can use our search tool or you can drop into your high street bank branch in Eccleshall. Chances are that they will know some good conveyancing solicitors in Eccleshall