My husband and I are only a couple days away from an exchange on a property in Harrold and my mum and dad have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your conveyancer is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
As a FTB what is the most important number one tip you can impart regarding purchase conveyancing in Harrold?
You may not hear this from too many lawyers but conveyancing in Harrold and elsewhere in Bedfordshire is an adversarial experience. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and others involved in the legal transfer of property. For instance, the seller, estate agent and even potentially the bank. Choosing a law firm for your conveyancing in Harrold is a critical decision as your conveyancer is your adviser, and is the ONE person in the transaction whose interest is to act in your legal interests and to keep you safe.
Every so often a potential adversary may attempt to persuade you that you should follow their advice. As an example, the estate agent may claim to be helping by suggesting your lawyer is wrong. Or your financial adviser may advise you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Having invested time reviewing online forums for an affordable lawyer in Harrold, most say that I must look for a CQS assured solicitor. What is CQS?
Harrold Conveyancing Quality Scheme law firms have achieved accreditation by the law Society CQS was brought about to establish evidence of quality standards in the in the legal transfer of properties. CQS helps consumers to identify solicitor firms that provide a quality residential conveyancing. Harrold is one of locations in England and Wales in which CQS have a presence. The conveyancing scheme requires law firms to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
Me and my partner are buying a property in Harrold. It might be a silly question but how we can trust a conveyancer? On the day of competition we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Forgive me if this question is silly but I am unseasoned as FTB of a garden flat in Harrold. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Harrold?
On the day of completion you do not need to attend the conveyancers office in Harrold. Your solicitors will transfer the purchase money to the seller's conveyancers, and once they have received this, you should be invited to pick up the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Harrold bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Harrold conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their published requirements. I have no idea who is right.
The solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was pointed in your direction by a few property agents in Harrold to locate a property lawyer on your site. Is there a financial upside for Estate Agents to offer your services rather than another?
We don’t make any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Harrold. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Harrold ?
Most houses in Harrold are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Harrold in which case you should be shopping around for a Harrold conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
I am the registered owner of a 1st floor flat in Harrold, conveyancing having been completed January 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Harrold with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2078
With 58 years left to run we estimate the price of your lease extension to span between £21,900 and £25,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.