My husband and I are nearing an exchange on a house in Honor Oak and my mum and dad have transferred the exchange deposit to my lawyer. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in Honor Oak but still charged rent, why is this and what is this?
It’s unusual for properties in Honor Oak and has limited impact for conveyancing in Honor Oak but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
The Honor Oak conveyancing solicitors that I appointed last week on my house acquisition in Honor Oak have without warning shut down. I only went with them because I had to have a solicitor on the RBS conveyancing panel and my previous Honor Oak lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
The deeds to my home are lost. The conveyancers who conducted the conveyancing in Honor Oak 5 years ago no longer exist. What do I do?
Assuming the title is registered the details of your proprietorship will be documented by HMLR under a Title Number. It is easy to carry out a search at the Land Registry, find your property and secure up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be obtained for twenty pounds.
Due to the guidance of my in-laws I had a survey completed on a house in Honor Oak in advance of retaining solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders will refuse to grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements from Halifax. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Honor Oak. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Honor Oak to see if the conveyancing will be more expensive.
Is it best to use a Honor Oak conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can handle the legal formalities however her office is 200kilometers drive away.
The primary upside of using a high street Honor Oak conveyancing firm is that you can drop in to sign paperwork, deliver your identification documents and pester them where appropriate. Having local Honor Oak know how is a plus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were content that must trump using an unfamiliar Honor Oak conveyancing lawyer just because they are round the corner.