We are nearing an exchange on a flat in South Cave and my parents have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my bank. 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 about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is duty bound to check with mortgage company to make sure 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 lender if you permit them to, failing which, your lawyer must cease to continue acting.
I have paid off my mortgage with Principality. I assume I don't need a South Cave conveyancing practitioner on the Principality panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Virgin Money have agreed my mortgage in principle, my offer on a apartment in South Cave has been accepted, now what?
Your estate agent will need to be informed of your solicitor's details (ensure that the property lawyers are on the bank’s panel). Telephone Virgin Money or your financial adviser and complete any outstanding forms. Virgin Money will appoint a valuer who will get in touch with the estate agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. Virgin Money will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in South Cave.
My offer on a house in South Cave has been accepted, but there is a chain. The vendors have placed an offer on a property, but it’s not been accepted yet, and are looking at other flats booked. I have selected a nearby conveyancing solicitor in South Cave. What should be my next step? At what point do I apply for the mortgage with Bank of Ireland?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then survey, South Cave conveyancing search charges, etc). First, you must check that your property lawyer is on the Bank of Ireland conveyancing panel. As to the subsequent phase this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with Bank of Ireland and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with the conveyancing in South Cave.
What does a local search reveal about the property we're buying in South Cave?
South Cave conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every South Cave conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will supply information on, amongst other things, details on planning applications applicable 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 subject areas.
How does conveyancing in South Cave differ for newly converted properties?
Most buyers of new build or newly converted property in South Cave come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because developers in South Cave usually 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 property lawyers 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 South Cave or who has acted in the same development.
Am I right to be wary about estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street South Cave conveyancing practice?
As with many professional services, often recommendations from connections can be extremely useful or valuable. But there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward conveyancers to choose. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that many banks specify a panel list of solicitors you must use for the lender related work in your home move.