I am only a couple days away from an exchange on a property in Sherston and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The lawyer is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Can you clarify what the consequences are if my solicitor is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Sherston?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We are getting a further advance on our mortgage from Barclays as we intend to conduct renovations to our property in Sherston. Are we obliged to select a bricks and mortar Sherston solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays would not normally require 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 Barclays panel.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Sherston conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore conducted the valuation? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have decided to exercise my right to buy my property in Sherston off the council. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Sherston is where the house is located. Can you offer any assistance?
Flying freeholds in Sherston are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sherston you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sherston may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We're new on the property ladder - agreed a price, but the property agent has warned us that the owners will only move forward if we instruct their chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor accustomed to conveyancing in Sherston
We suspect that the seller is unaware of this requirement. Should the owner want ‘a quick sale', taking such a hostile approach to a motivated purchaser is not the way to achieve this. Try to communicate with the sellers directly and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to use your own,trusted Sherston conveyancing firm - not the ones that will give the negotiator at the agency a referral fee or meet his conveyancing targets demanded by HQ.
My wife and I purchased a leasehold house in Sherston. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Sherston who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. There is no need to instruct a Sherston conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a basement flat in Sherston, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Sherston with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2087
With just 61 years left to run the likely cost is going to be between £18,100 and £20,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.