My husband and I are nearing an exchange on a property in Mountsorrel and my parents have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my lawyer needs to make a notification 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 not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your solicitor is legally required to check 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 notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Are the Mountsorrel conveyancing solicitors identified as being on the Aldermore conveyancing panel, together with their details provided by Aldermore?
Mountsorrel conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
Can I be sure that the Mountsorrel conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Mountsorrel obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your conveyancing.
I am buying a property in Mountsorrel. One unusual aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is TSB your lawyer must comply with the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for TSB. The CML Handbook contains minimum specifications for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease fails to satisfy these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to Mountsorrel.
After weeks of negotiation I have agreed a price on an apartment in Mountsorrel. My financial adviser pressured me to appoint their lawyer. I paid an advanced payment of £200. Shortly after, the solicitor contacted me to say that they were not on the Lloyds 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 Lloyds 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.
It has been five months since my purchase conveyancing in Mountsorrel completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Mountsorrel differ for newly converted properties?
Most buyers of new build premises in Mountsorrel approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Mountsorrel typically acquire the site, 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 conveyancers 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 Mountsorrel or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one near me in Mountsorrel I like with amenity areas and transport links nearby, however it only has 61 years on the lease. I can't really find anything else in Mountsorrel in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities 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 regarding this matter.