My husband and I are nearing an exchange on a flat in Preston and my parents have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. 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 advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We hope to to purchase with Darlington Building Society. I dropped in a few high street solicitors yet cant to find a Preston conveyancing firm on the Darlington Building Society panel. Could you help?
Feel free to take advantage of the find a lender approved solicitor tool on this web page. Please choose the building society and type Preston or your preferred area and you will discover a number of lawyer offices in Preston or nearest you.
I purchased my apartment on 14 June and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Preston expressed confidence that it should be dealt with in a couple of weeks. Are properties in Preston particularly slow to register?
As far as conveyancing in Preston registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can adjust subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. Currently approximately three quarters of submission are fully addressed in less than three weeks but occasionally there can be extensive delays. Historically registration occurs after the purchaser has moved in to the premises thus 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
I'm purchasing my first flat in Preston with a loan from Clydesdale. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The estate agent advised me not to tell my lawyer about the extras as it may affect my loan with Clydesdale. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a house in Preston prior to retaining solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks will refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Preston. Conveyancing will be smoother if you use a solicitor in Preston especially if they are accustomed to such properties in Preston.
My fiance and I may need to rent out our Preston 1st floor flat temporarily due to a new job. We used a Preston conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Preston conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Preston conveyancing firm to assist?
in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to decide the sum to be paid.
An example of a Lease Extension case for a Preston premises is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case was in relation to 1 flat. The remaining number of years on the lease was 74 years.