My husband and I are approaching an exchange on a flat in Yaxley and my mum and dad have sent the 10% deposit to my . I am now informed that as the deposit has been sent from someone other than me my needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your is legally required to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Yaxley?
Where you are retaining lawyers for conveyancing in Yaxley your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the total price then this will be required shortly before exchange of contracts. The closing balance that is due should be transferred shortly before completion.
My grandfather passed away last year and as sole heir and executor I was left the house in Yaxley. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to , pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then will insist on your using a conveyancer on the conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the mortgage is registered as a charge at the Land Registry.
I am the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Yaxley. The Yaxley property was put into my name in . I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership may be treated the same way as if I'd bought the house in . Do I have to wait half a year to sell?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view banks take of it, depend on the lender as this obligation primarily exists to capture subsales or the flipping of properties.
My husband and I are spending time viewing houses in Yaxley and I am now considering a potential offer. Is it too early to have a solicitor in place? I am planning to take a home loan with .
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are seeking a mortgage with , make sure you remember to check that your lawyer is on the conveyancing panel.
I have paid off my mortgage with . I assume I don't need a Yaxley on the panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the mortgage from the register. , and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where has sent the Land Registry the discharge electronically, and
- has instructed the Land Registry to do so
My wife and I purchased a leasehold flat in Yaxley. Conveyancing and mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Yaxley who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Yaxley conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a studio flat in Yaxley, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Yaxley with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 50
With just 50 years remaining on your lease we estimate the premium for your lease extension to be between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.