My partner and I are getting closer to an exchange on a flat in Newbury Park and my mum and dad have transferred the 10% deposit to my solicitor. 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 coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I have 7378 less than 75 years remaining on my lease and require a lease extension for my flat in Newbury Park. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/5/2022 the requirements read as follows :
My solicitor has informed me that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Newbury Park?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such insurances.
When it comes to lenders such as Co-operative, do Newbury Park property lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We are getting the release of further funds on our home loan from Clydesdale as we wish to conduct a loft conversion to our property in Newbury Park. Do we need to choose a local Newbury Park solicitor on the Clydesdale conveyancing panel to handle the legals?
Clydesdale do not ordinarily instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale list.
I was recommended by numerous estate agents in Newbury Park to select a solicitor on your site. What’s the financial inducement for Estate Agents to offer your site ahead of another?
We don’t make any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We expect to complete the disposal of our £350,000 flat in Newbury Park on Wednesday in a week. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Newbury Park?
For most leasehold sales in Newbury Park conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Completing conveyancing due diligence questions
Where consent is required before sale in Newbury Park
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Newbury Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Newbury Park conveyancing firm who can help.
An example of a Lease Extension case for a Newbury Park property is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The number of years remaining on the existing lease(s) was 60.29 years.
I am unfit to travel my Newbury Park conveyancing solicitors office to execute documents for conveyancing in Newbury Park – is this a problem?
Not a problem. Newbury Park conveyancing lawyers can undertake conveyancing transactions for clients nationwide. You are unlikely to be required to meet your lawyer in the flesh at a Newbury Park conveyancers office. Almost all lawyer can deal with everything using post, email, telephone and fax.