We are only a couple days away from an exchange on a house in Chorley and Eccleston and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Chorley and Eccleston is more expensive?
Chorley and Eccleston leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I'm the sole beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Chorley and Eccleston. The Chorley and Eccleston property was put into my name in October. I now wish to sell up. I do know about the CML six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. Most lenders would take a pragmatic view as this clause is primarily there to capture the purchase and immediately sell or the flipping of properties.
Completion of my remortgage has taken place for my property in Chorley and Eccleston. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I can not work out if my lender requires a lease extension. I have called into my local Chorley and Eccleston building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Chorley and Eccleston conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend based on their published requirements. Who do I believe?
Your property lawyer has to comply with the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Chorley and Eccleston I like with a park and station nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Chorley and Eccleston suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
What tools are available to identify a Chorley and Eccleston solicitor on the Norwich and Peterborough Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the lawyer.
Feel free to make use of the search on this page. Please select a bank and your location and you will see a number of Chorley and Eccleston conveyancing lawyers locally. We have listed some Chorley and Eccleston conveyancing firms towards the end of this page and you can call them to verify if they are on the Norwich and Peterborough Building Society member panel