My wife and I are nearing an exchange on a flat in Motspur Park and my parents have sent the 10% deposit to my . I am now advised that as the deposit has been received from someone other than me my needs to make a notification to my mortgage company. Apparently, 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 is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Motspur Park?
There are two types of lawyers who can execute conveyancing in Motspur Park namely licenced conveyancers or solicitors. The two can provide conveyancing services that required to complete the disposal or acquisition of property. They are both duty bound to conduct Motspur Park conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that all necessary procedures will be accurately attended to.
I am the only beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Motspur Park. Conveyancing formalities meant that the Land Registry date was in . I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership may be regarded the same way as though I had purchased the property in . Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view lenders take of it, depend on the lender as this provision is primarily there to pick up on subsales or the flipping of properties.
I currently have a mortgage with for my property in Motspur Park. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform ?
must be informed of your intention in advance of renting your property as this is likely to be a breach of ’s mortgage conditions. In many cases banks or building societies will permit you to let 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 directly. It should not be necessary to do this via a conveyancing panel lawyer.
What can a local search inform me about the property I am purchasing in Motspur Park?
Motspur Park conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Motspur Park conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
It has been three months since my purchase conveyancing in Motspur Park concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Motspur Park in advance of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may refuse to give a loan on such a home.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Motspur Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Motspur Park to see if the conveyancing costs will increase in light of this.