We are nearing an exchange on a house in Northumberland Heath and my parents have transferred the exchange deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for my conveyancing in Northumberland Heath?
Where you are retaining lawyers for conveyancing in Northumberland Heath your solicitor will ask you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this should be asked for immediately prior to exchange of contracts. The final balance that is due should be transferred a couple of days prior to the completion date.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial premises in Northumberland Heath?
Many commercial conveyancing solicitors in Northumberland Heath will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Northumberland Heath. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Northumberland Heath.
For every commercial conveyancing transaction in Northumberland Heath it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Northumberland Heath commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Northumberland Heath.
I need to find a conveyancing solicitor for residential conveyancing in Northumberland Heath. I've land on a web site which looks to be the perfect solution If it is possible to get all formalities completed via email that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My husband and I are acquiring a studio flat in Northumberland Heath. At the time of instructing our solicitor, they said that they were on all mainstream bank panels. The financial adviser contacted us just now to advise that they don't appear to be on the Virgin Money approved list. If it turns out to be true, what should we do? Do we simply pick a different lawyer that is on their panel or do we cover the costs for dual representation, with Virgin Money selecting their own preferred lawyer.
If you are buying a property requiring a mortgage it is usual for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to fulfill. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact Virgin Money to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Virgin Money's conveyancing panel and you may continue to use your own Northumberland Heath solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.