My wife and I are approaching an exchange on a house in Lavenham and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my bank. I am advised that, 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 about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The conveyancer is duty bound to clarify with lender to make sure that they know 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.
Can your site be used to find a Conveyancing solicitor in Lavenham even if I’m not purchasing or disposing of a house, for instance if I wish to buy an office in Lavenham with a loan from Clydesdale?
Our search tool is mainly there to help choose domestic conveyancing solicitors in Lavenham but we have set out at the bottom of this page some Lavenham commercial conveyancing firms. You should enquire with the firm directly to establish if they can also act for Clydesdale
What happens if my lawyer’s firm is expelled from the RBS Solicitor panel ahead of completing my conveyancing in Lavenham?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am intent on selling our property in Lavenham and according to the buyers it appears that there is a risk of it being built on contaminated land. Any high street Lavenham lawyer would know that there is no such problem. For the life of me I don't know why the buyers are using an internet conveyancing practice as opposed to a conveyancing solicitor in Lavenham. We have lived in Lavenham for many years we know that this is a non issue. Do we contact our local Authority to seek clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
My wife and I own a semi-detached Edwardian property in Lavenham. Conveyancing practitioner acted for me and Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I thought I was buying a freehold how can I check?
You should review 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 Lavenham and other locations in 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 mortgage companies. You can also enquire as to the position with your conveyancing practitioner who completed the work.
I have been on the look out for a flat up to £245,000 and identified one close by in Lavenham I like with a park and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Lavenham for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.