My partner and I are approaching an exchange on a property in Maryport and my mum and dad have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not come from me my lawyer 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 coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is a dozen years since I purchased my property in Maryport. Conveyancing solicitors have now been appointed on the sale but I am unable to locate my deeds. Will this cause complications?
You need not be too concerned. Firstly there is a possibility that the deeds will be with the mortgage company or they may stored with the lawyers who handled the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Most conveyancing in Maryport involves registered property but in the rare situation where your home is unregistered it is more of a problem but is not insurmountable.
Can you help - my lawyer says that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Maryport?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing solicitors as opposed to members of the public take out such policies.
is it true that all Maryport conveyancing solicitors on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the UBS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
We previously appointed solicitors located in Maryport on the Aldermore solicitor panel. They are now charging me a separate fee for handling the Aldermore mortgage. Is this an additional conveyancing fee set by Aldermore?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancing practitioner may charge a fee for this. The charge is not set by Aldermore but by your Maryport conveyancer. Some firms on the Aldermore panel will levy ’dealing with mortgage’ fee and others do not.
What does a local search inform me about the property I am buying in Maryport?
Maryport conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search plays an important role in most Maryport conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
Me and my brother have a 4 bedroom Victorian property in Maryport. Conveyancing practitioner acted for me and HSBC Bank. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the exact same property. Is it worth asking HSBC Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register for 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 Maryport and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing solicitor who conducted the conveyancing.
I have been pointed in your direction by two or three local selling agents in Maryport to select a property lawyer on your site. What’s the financial advantage for Estate Agents to offer your site rather than a competitor’s?
We refuse to make any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.