My wife and I are approaching an exchange on a house in Otley and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not come from me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?

The lawyer is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.

I purchased my home on 2 June and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Otley advises it will be concluded inside ten days. Are properties in Otley uniquely lengthy to register?

As far as conveyancing in Otley is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. Currently approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Registration takes place after the new owner has moved in to the property so an expedited registration is not always top priority yet if there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.

Due to the input of my in-laws I had a survey completed on a property in Otley prior to appointing solicitors. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders tend refuse to give a loan on such a premises.

It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Otley. Conveyancing may be slightly more expensive based on your lender's requirements.

Having had my offer accepted I require leasehold conveyancing in Otley. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Otley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Leasehold Conveyancing in Otley - Sample of Questions you should ask before buying

On the whole the cost for major works are not included within service charges, albeit that some managing agents in Otley obliged leasehold owners to contribute towards a sinking fund and this is used to offset against major works. If a Otley lease has fewer than eighty years it will impact the marketability of the flat. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this will be. For most Otleylease extensions you would need to own the property for 24 months in order to be entitled to extend the lease. How long is the Lease?

When it comes to my conveyancing in Otley should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee

(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Otley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.