I am getting closer to an exchange on a property in Old Oak Common and my mum and dad have transferred the ten percent deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The solicitor is legally required to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Old Oak Common, First time buyers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
This question may be naive but I am new to the process as FTB of a garden flat in Old Oak Common. Do I collect the keys to the premises on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Old Oak Common?
On the day of completion you will not be required to go to the conveyancers office in Old Oak Common. Conveyancing lawyers for you will transfer the completion advance to the seller's conveyancers, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I'm the single recipient of my late father’s estate and I have everything in my name now, including the house in Old Oak Common. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my property ownership will be considered the same way as if I'd bought the property in June. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view banks take of it, depend on the mortgage company as this clause is principally there to identify the purchase and immediately sell or the flipping of properties.
It is not clear whether my bank requires a lease extension. I have called into my local Old Oak Common bank branch on various occasions and was informed it wasn't an issue and they will lend. My Old Oak Common conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a house in Old Oak Common?
Unless a previous purchase of the house took place after 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Old Oak Common to remain encouraging a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who conducted the conveyancing in Old Oak Common 5 years ago are no longer around. What are my next steps?
Gone are the days when you need to hold title deeds to prove you are the owner of your registered land or property, as the Land Registry have everything they need in a digital format.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Old Oak Common I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Old Oak Common in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.