My wife and I are only a couple days away from an exchange on a property in Thamesmead and my mum and dad have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The solicitor is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Can your site be used to locate a Conveyancing solicitor in Thamesmead even where I’m not buying or selling a house, for example where I wish to acquire a shop in Thamesmead with a mortgage from Aldermore?
Our comparison service is mainly there to locate domestic conveyancing solicitors in Thamesmead but we have set out towards the bottom of this page a selection of Thamesmead commercial conveyancing firms. You will need to speak with the firm directly to establish if they can also act for Aldermore
My lawyer in Thamesmead is not on the The Mortgage Works Solicitor Panel. Is it possible for me to retain my prefered solicitor even though they are excluded from the The Mortgage Works approved list?
The limited options available to you here include:
- Carry on with your preferred Thamesmead lawyers but The Mortgage Works will need to instruct a conveyancer on their panel. This will inevitably rack up the total legal fees as well as cause frustration.
- Choose a new lawyer to to deal with the purchase, obviously checking they are Persuade your solicitor to use their best endeavours to join the The Mortgage Works conveyancing panel
I am the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Thamesmead. The Thamesmead property was put into my name in December. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many mortgage companies would take a practical view as this requirement chiefly exists to pick up on subsales or the wholesaling and assigning of property.
We have agreed to purchase a house in Thamesmead. One unusual aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Santander your lawyer must comply with the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Santander. The CML Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Santander where a lease fails to meet these conditions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Thamesmead.
I have a mortgage with UBS for my property in Thamesmead. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
UBS must be informed of your intention before letting out your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent 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 UBS directly. It should not be necessary to do this via a UBS conveyancing panel solicitor.
Can you offer any advice when it comes to finding a Thamesmead conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Thamesmead conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Thamesmead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
-
If the firm is not ALEP accredited then why not?
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Thamesmead conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a Thamesmead flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The remaining number of years on the lease was 76 years.