I am nearing an exchange on a property in Nefyn and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my bank. 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 bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The solicitor is obliged to check with the bank to ensure 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 permit them to, failing which, your lawyer must cease to continue acting.
I am about to put an offer on a leasehold property in Nefyn. The selling agents say that it is normal for flats in Nefyn to have less than 75 years left on the lease. I am expecting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/11/2024 the requirements read as follows :
We are close to exchanging contracts on the sale of our house in Nefyn and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any high street Nefyn conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used a national conveyancing practice as opposed to a conveyancing solicitor in Nefyn. Having lived in Nefyn for three years we know that this is a non issue. Should we contact our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Nefyn is where the house is located. Can you shed any light on this issue?
Flying freeholds in Nefyn are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Nefyn you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nefyn may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am downsizing from my house. My previous lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Nefyn if that makes a difference.
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