My wife and I are nearing an exchange on a flat in Mapperley and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
When can the exchange of contracts happen for sale conveyancing in Mapperley and do I need to be at the conveyancers office?
Where you are local to one of the conveyancing solicitors in Mapperley you are invited in to sign contracts. However, the lender approved solicitors we work with offer a nationwide conveyancing service and provide as equally detailed and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not the critical part. Signing on the dotted line simply enables the firm to officially exchange at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mapperley)to be in the office at the appropriate time.
Me and my partner are purchasing a apartment in Mapperley. It might be a silly question but how we can trust a lawyer? On the day of competition we will need to deposit money into their account. What is the protection we have from them run away with our money?
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.
Completion of my purchase has taken place for my property in Mapperley. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After months of negotiation I have agreed a price on an apartment in Mapperley. My mortgage broker pressured me to appoint their solicitor. I paid an upfront payment of £200. A couple of days later, the solicitor called me to say that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Mapperley differ for new build properties?
Most buyers of new build or newly converted property in Mapperley come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Mapperley tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Mapperley or who has acted in the same development.
Is it best to use a Mapperley conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can conduct the legal formalities however her office is a couple of hundredkilometers away.
The benefit of a high street Mapperley conveyancing firm is that you can attend the office to sign paperwork, deliver your ID and apply pressure on them where appropriate. Having local Mapperley know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were impressed that should trump using an unknown Mapperley conveyancing lawyer just because they are Mapperley based.
I would like to rent out my leasehold apartment in Mapperley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Mapperley do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am the registered owner of a ground floor flat in Mapperley, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Mapperley with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2083
With just 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.