We are only a couple days away from an exchange on a house in Shoreham By Sea and my parents have sent the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your lawyer is obliged to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My wife and I are buying a property in Shoreham By Sea. It might be a silly question but how we can trust a conveyancer? On completion day we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Shoreham By Sea lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I am due to exchange contracts on my flat. I had a double glazing fitted in March 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being problematic. The Shoreham By Sea solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing my first flat in Shoreham By Sea with a loan from Chelsea Building Society. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my lawyer about this side-deal as it will jeopardize my mortgage with Chelsea Building Society. Do I keep my lawyer in the dark?.
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.
I am using a search engine for the phrase cheap conveyancing in Shoreham By Sea it brings up numerous solicitorslocally. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The best method of finding a suitable conveyancer is through a personal referral, so seek the opinion of friends and family who have bought a property in Shoreham By Sea or a local estate agent or mortgage broker. Charges for conveyancing in Shoreham By Sea differ, so it's advisable to request a minimum of three fee calculations from different law firms. Dont forget to clarify what costs in the quote includes.
My wife and I purchased a leasehold flat in Shoreham By Sea. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Shoreham By Sea who previously acted has long since retired. Do I pay?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Shoreham By Sea conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a 1 bedroom flat in Shoreham By Sea, conveyancing formalities finalised 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? Similar flats in Shoreham By Sea with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2087
With 61 years left to run we estimate the price of your lease extension to span between £18,100 and £20,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
We have been told by various friends that it can take 6-8 weeks for Shoreham By Sea conveyancing to complete.This was four weeks ago. The property information was only forwarded from the vendors property lawyer a couple of days ago so now does it countdown?
No definitive time frame exists for conveyancing in Shoreham By Sea. Conveyancing is subject to many variable. Shoreham By Sea conveyancing searches alone may take up to month to arrive.