We are getting closer to an exchange on a property in Telford and my parents have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancing practitioner is legally required to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am purchasing a terrace house in Telford. Our aim is to convert the garage to an office at the house.Will the conveyancing process include checks to determine if these alterations are permitted?
Your solicitor will review the registered title as conveyancing in Telford can on occasion reveal restrictions in the title deeds which restrict certain alterations or require the consent of a 3rd party. Some extensions require local authority planning permissions and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor ahead of any purchase.
We had instructed solicitors locally in Telford on the Skipton solicitor approved list. They have just billed me a separate fee for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. This fee is not set by Skipton but by your Telford lawyer. Numerous firms on the Skipton panel will charge ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
We expect to receive a AIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Telford solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Telford solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
It has been three months since my purchase conveyancing in Telford took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Telford with the aid of help to buy. The developers refused to budge the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not to tell my lawyer about the extras as it would impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
We're first time buyers - agreed a price, yet the agent advised that the vendor will only go ahead if we use their preferred lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer who is accustomed to conveyancing in Telford
It is unlikely the vendors are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Avoid the agents and go straight to the owners and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you intend to use your own,trusted Telford conveyancing solicitors - not the ones that will provide their estate agent a introducer fee or hit his conveyancing figures demanded by HQ.
Looking forward to exchange soon on a garden flat in Telford. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Telford should include some of the following:
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Rent payments - what is due and when you need to pay, and also know whether this is subject to change Responsibility to repair and maintain the building. It is essential that you know who is responsible the repair and maintenance of every part of the building You would want to be sent a copy of the lease Alterations to the flat You should have a good understanding of the insurance requirements
I purchased a studio flat in Telford, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Telford with a long lease are worth £165,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2103
With only 78 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.