My wife and I are getting closer to an exchange on a house in Great Harwood and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The property lawyer is obliged to check 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 notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
What happens if my lawyer’s firm is removed from the Coventry BS Solicitor panel ahead of completing my conveyancing in Great Harwood?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Due to the encouragement of my in-laws I had a survey completed on a house in Great Harwood prior to retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to give a loan on such a premises.
It varies from the lender to lender. Santander has different instructions from Nationwide. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Harwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Harwood to see if the conveyancing costs will increase in light of this.
How easy is it to change conveyancer as I need to select a firm on the Chelsea Building Society conveyancing panel. I hired a local conveyancing solicitor in Great Harwood five minutes from me but she is not approved by Chelsea Building Society
It would be our pleasure to help you find a conveyancing solicitor in Great Harwood on the Chelsea Building Society panel. Please note that the law firms that we on the directory do not pay us commission if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in Great Harwood. In making use of the find a conveyancing solicitor tool on this site, you can contrast costs for conveyancing solicitors in Great Harwood and throughout England and Wales.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Great Harwood. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Great Harwood ?
Most houses in Great Harwood are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Great Harwood so you should seriously consider looking for a Great Harwood conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
I purchased a 1st floor flat in Great Harwood, conveyancing having been completed 4 years ago. How much will my lease extension cost? Comparable properties in Great Harwood with a long lease are worth £185,000. The ground rent is £65 per annum. The lease finishes on 21st October 2084
With just 60 years unexpired the likely cost is going to span between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.