We are getting closer to an exchange on a flat in Tower Hill and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The 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 funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do I have to attend the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Tower Hill so that I can attend their offices if required.
Most approved lawyers for lenders conduct all of the work through Royal Mail, internet or over phone calls. This enables them to conduct the legal work for your home move regardless of where you live in the country. That being said you should check if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
My uncle informed me that in purchasing a property in Tower Hill there could be various restrictions preventing external changes to the property. Is this right?
There are a number of properties in Tower Hill which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Tower Hill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I recently had an offer accepted on a house in Tower Hill. My mortgage broker recommended their conveyancers. I paid an on account payment of £175. Soon after, the property lawyer contacted me to say that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase flat in Tower Hill. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Tower Hill conveyancer is on the Coventry BS conveyancing panel.
I'm buying my first flat in Tower Hill benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of extras instead. The estate agent advised me not reveal to my lawyer about this deal as it may 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.
I'm refinancing my existing house to a buy to let loan with Nottingham Building Society and intend to use the remaining equity as a down payment on a second house. The location we are looking at is Tower Hill. Will your conveyancers be able to act for the two lenders and link together the two deals?
Do use our search tool on this site to check that the lawyers are on the appropriate lender panels. Having checked that they are the solicitor will be able to connect the two transactions but you should have a chat with you solicitor and make clear your desired outcome and requirements.
Can you offer any advice when it comes to choosing a Tower Hill conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Tower Hill conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Tower Hill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Tower Hill who can give a testimonial? If they are not ALEP accredited then why not?
I am the registered owner of a two-bedroom flat in Tower Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Tower Hill conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Tower Hill property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The remaining number of years on the lease was 107 years.