My wife and I are only a couple days away from an exchange on a flat in Longton and my parents have transferred the 10% deposit to my . I am now told that as the deposit has been sent from someone other than me my needs to disclose this to my mortgage company. 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 advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The is legally required to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We're in Longton, First timers purchasing with a mortgage (lender is , and our solicitor is on the conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My uncle advised me that in buying a property in Longton there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Longton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Longton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with . Longton conveyancing solicitors are selected. How long does it take for to send the offer to the ?
Some lenders take longer than others. Have conducted the valuation? Have you informed as to your lawyers' details and checked that your lawyers are on the conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Longton. I have a mortgage offer with . Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with , you will need to appoint a solicitor on the conveyancing panel.
four months have elapsed since my purchase conveyancing in Longton took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey done on a house in Longton ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders may not grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Longton. Conveyancing will be smoother if you use a solicitor in Longton especially if they regularly deal with such properties in Longton.