My partner and I are approaching an exchange on a flat in Accrington and my mum and dad have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The solicitor is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My wife and I have recently appointed a conveyancing solicitor in Accrington. I I would like to check if they are on the National Westminster Bank conveyancing panel. Could you advise?
The first thing to do is phone your conveyancer and ask them if they can act for the bank. Otherwise you can call National Westminster Bank who may be able to assist.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who did the conveyancing in Accrington 10 years ago no longer exist. What are my next steps?
Assuming you have a registered title the details of your proprietorship will be evidenced by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, find your house and get current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Accrington I like with a park and station nearby, the downside is that it's only got 49 years on the lease. There is not much else in Accrington for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
New build sellers have put forward a property lawyer and I've obtained an estimate from them. They are nearly £250 less expensive than my preferred Accrington conveyancing practitioner. Should I use them?
Developers often have lists of property lawyers who expedite matters and who know the developer’s contract and lawyer. As many developers offer an inducement to use a preferred conveyancing practitioner for this reason, any increased cost can be avoided and a developer won't put forward a conveyancing warehouse and run the risk of having the transaction delayed when they want exchange inside a month. The argument for not opting for the suggested conveyancing practitioner is that they may prove hesitant to fight for your interests at the risk of alienating the developer. If you worry that this may be the case you should keep with your high street Accrington conveyancer.