We are approaching an exchange on a house in Moorgate and my parents have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, 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 disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is obliged to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Forgive me if this question is silly but I am unseasoned as FTB of a two bedroom flat in Moorgate. Do I pick up the keys to the property on completion from my conveyancer? If so, I will find a local conveyancing solicitor in Moorgate?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be invited to pick up the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
Are all Moorgate Conveyancing Quality Solicitors on the Bank of Ireland conveyancing list of approved practices?
Some major banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
Is it the case that all Moorgate solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the SRA. Many lenders do list licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Moorgate?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Moorgate. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Moorgate I like with a park and transport links nearby, however it's only got 61 years on the lease. There is not much else in Moorgate suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Is it simple use the search app to choose a conveyancing practitioner in Moorgate on the panel for my lender?
1st select a mortgage company such as Halifax, Bank of Scotland or Britannia then type in your location such as Moorgate. Conveyancing practices in Moorgate and nationally should be listed.
Having checked my lease I have discovered that there are only Fifty years remaining on my lease in Moorgate. I now want to extend my lease but my landlord is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. On the whole a specialist should be useful to carry out a search and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Moorgate.
I have had difficulty in negotiating a lease extension in Moorgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Moorgate conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Moorgate flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.