We are only a couple days away from an exchange on a property in Walkden and my mum and dad have sent the 10% deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I have been told that property searches are the main cause of obstruction in Walkden conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Walkden.
I'm converting the mortgage on my current house to a buy to let loan with The Royal Bank of Scotland and I will use the ballance of the raised equity as a deposit on further house. The location we are talking about is Walkden. Will your solicitors be able to act for the two lenders and tie in the conveyances?
Make use of our search tool on this page to check that the conveyancers are on the appropriate lender panels. On the basis that they are the solicitor should be able to simultaneously deal with the two deals but you should talk with you lawyer and make apparent your desired outcome and requirements.
As co-executor for the estate of my grandmother I am disposing of a property in Neath but I am based in Walkden. My solicitor (who is 260 miles from meneeds me to execute a stat dec prior to completion. Can you recommend a conveyancing solicitor in Walkden to attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are located in Walkden
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Walkden. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Walkden are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Walkden so you should seriously consider looking for a Walkden conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I invested in buying a basement flat in Walkden, conveyancing was carried out in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Walkden with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2093
With 68 years left to run the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My husband and I are purchasing a garden flat in Walkden. At the time of instructing our conveyancing practitioner, they assured us that they were on all major UK mortgage company panels. Our financial adviser contacted us yesterday to advise that they are not on the Clydesdale approved list. Were it to be true, what should we do? Should we simply pick a new property lawyer that is on their approved list or do we cover the costs for dual representation, with Clydesdale selecting their own approved conveyancing practitioner.
Where you are purchasing a property with the assistance of a mortgage it is usual for the purchaser’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Clydesdale to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Clydesdale's conveyancing panel and you may continue to use your own Walkden solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.