My husband and I are only a couple days away from an exchange on a flat in Forest Hall and my mum and dad have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
How does conveyancing in Forest Hall differ for new build properties?
Most buyers of new build property in Forest Hall contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Forest Hall typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Forest Hall or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Forest Hall is where the house is located. Is there any advice you can give?
Flying freeholds in Forest Hall are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Forest Hall you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forest Hall may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it best to choose a Forest Hall conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can execute the conveyancing however her office is approximately 350miles drive away.
The benefit of a high street Forest Hall conveyancing practice is that you can drop in to sign paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local insight which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and the majority were impressed that must trump using an unknown Forest Hall conveyancing lawyer solely due to them being Forest Hall based.
To what extent are Forest Hall conveyancing solicitors under an obligation to the Law Society to publish clear conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Forest Hall or or elsewhere in the country.