My husband and I are approaching an exchange on a property in Sleaford and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your property lawyer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Sleaford is more expensive?
Sleaford leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Are there restrictive covenants that are commonly picked up during conveyancing in Sleaford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Sleaford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Sleaford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Sleaford
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I was recommended by a number of property agents in Sleaford to find a conveyancer on your site. Is there a financial inducement for Estate Agents to recommend your lawyers over and above alternative conveyancing organisations?
We refuse to offer any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My solicitors in Sleaford have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.