We are approaching an exchange on a house in Mitcham Junction and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner 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. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is is a decade since I purchased my property in Mitcham Junction. Conveyancing solicitors have just been instructed on the sale but I am unable to track down my title documents. Is this a problem?
You need not be too concerned. Firstly the deeds may be with the mortgage company or they may still be with the conveyancers who handled your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Mitcham Junction involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
I need some fast conveyancing in Mitcham Junction as I have pressure to exchange contracts inside 3 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are are a mortgage free buyer you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on our experience of conveyancing in Mitcham Junction the following are examples of what can be revealed and adversely affect future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Unadopted Roads,...
My wife and I purchased a semi-detached Edwardian property in Mitcham Junction. Conveyancing solicitor acted for me and HSBC Bank. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should 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 Mitcham Junction and other areas of 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 buyers. You can also question the position with the conveyancing lawyer who completed the work.
Is it simple use the search app to locate a conveyancing lawyer in Mitcham Junction on the approved list for my bank?
First select a bank such as Halifax, Chelsea Building Society or Aldermore then type in your preferred area such as Mitcham Junction. Conveyancing practices in Mitcham Junction and beyond should be identified.
We own a leasehold flat in Mitcham Junction. Conveyancing was finished in 2010. I have heard that I mustn’t let the lease length get too short. Why is that a problem?
Mitcham Junction leasehold properties are for a fixed period - normally 99 years when they commenced. However a significant appartments in Mitcham Junction were built or converted in the 60’s and so these leases now have less than 80 years left to run. That may sound like a long time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To enhance the saleability of your property you should be thinking about whether to extend your lease well in advance of selling the property. You should note that there are significant benefits to doing so before the lease reaches even 80 years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.