My husband and I are only a couple days away from an exchange on a flat in Wadebridge and my parents have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. 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 bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is legally required to check with mortgage company to make sure 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 bank if you permit them to, failing which, your lawyer must cease to continue acting.
My lawyer in Wadebridge has never been on on the Platform Home Loans Ltd Solicitor Panel. Is it possible for me to use my prefered solicitor even though they are not on the Platform Home Loans Ltd panel?
The limited options open to you here include:
- Carry on with your existing Wadebridge lawyers but Platform Home Loans Ltd will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as result in delays.
- Get an alternative practitioner to act in the purchase, not forgetting to check they are on the Platform Home Loans Ltd panel
We have agreed to purchase a house in Wadebridge. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not restricted to Wadebridge.
I am currently in the process of buying my council flat in Wadebridge. I have a mortgage offer with Santander. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I have finally had an offer on an apartment in Wadebridge accepted, the vendors do nevertheless have a tied purchase. The owners have offered on somewhere, but it’s not been accepted yet, and have viewings of other flats in the pipeline. I have selected a nearby conveyancing solicitor in Wadebridge. What should be my next step? When should I get the mortgage application with Co-operative going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Wadebridge conveyancing search charges, etc). First, you must ensure that your solicitor is on the Co-operative conveyancing panel. Concerning the next stages this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a hot market many buyers will apply for the mortgage with Co-operative and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a house in Wadebridge?
Unless a previous acquisition of the property took place after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Wadebridge to continue to suggest a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who handled the conveyancing in Wadebridge 4 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to have the physical deeds to evidence that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
When it comes to leasehold conveyancing in Wadebridge what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Wadebridge. Most leases are drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Wadebridge Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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Plenty Wadebridge leasehold flats will have a service charge for maintenance of the block levied on behalf of the landlord. Should you buy the property you will have to pay this charge, normally periodically throughout the year. This could differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a significant figure, say around £25-£75 but you need to check as occasionally it can be surprisingly expensive. Its a good idea to discover as much as possible concerning the managing agents as they will either make life much simpler or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the communal areas. Ask prospective neighbours what they think of them. Finally, find out the dates that the service charges are due to the managing agents and specifically what it includes. Please note that where the lease has no more than eighty years it will have adverse implications on the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Wadebridgelease extensions you would be required to have owned the property for two years before you are legally able to extend the lease.