My partner and I are nearing an exchange on a flat in Welshpool and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is duty bound to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
When will exchange of contracts take place for domestic conveyancing in Welshpool and do I need to attend the solicitors office?
If you are local to one of the conveyancing solicitors in Welshpool you are invited in to sign the paperwork. However, the firms we recommend offer a national conveyancing service and provide as equally detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Welshpool)to be in the office at the appropriate time.
Is it correct that all Welshpool CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved firms?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We had appointed conveyancing lawyers with offices in Welshpool on the Bank of Ireland solicitor panel. They are now charging me an additional amount for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer can levy a fee for this. The fee is not set by Bank of Ireland but by your Welshpool lawyer. Numerous firms on the Bank of Ireland panel will charge ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
The mortgage over my property is with Bank of Ireland for my property in Welshpool. Conveyancing has been completed some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel lawyer.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Welshpool I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Welshpool in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I've recently bought a leasehold property in Welshpool. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Welshpool Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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Best to be warned whether fixing the lift or some other significant cost is anticipated that will be shared between the tenants and could well dramatically increase the the service fees or require a specific payment. It would be wise to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical issues such as the tidiness of the common parts. Enquire of other people whether they are happy with their management. In conclusion, find out the dates that the service charges are due to the managing agents and specifically what you get for your money.
Our solicitor in Welshpool has identified a a legal deficiency with the lease for the property we are purchasing in Welshpool. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Welshpool conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the lender