My wife and I are approaching an exchange on a property in Bitterne and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my property lawyer 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 informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is duty bound to check with the bank to ensure that they are aware 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.
When will exchange of contracts occur in sale conveyancing in Bitterne and am I required to attend the lawyers branch?
Where you are round the corner to our conveyancing solicitors in Bitterne you are invited in to sign contracts. That being said, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you by post or email. The executing of the contract is not the critical part. Signing on the dotted line is necessary for the firm to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bitterne)to be in the office available at the end of the phone to exchange contracts.
Do I have to visit the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bitterne so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most mortgage companies no longer need their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still manifest benefits to using a local ayer, in your situation a conveyancing solicitor in Bitterne.
I'm spending time looking at houses in Bitterne and I am about to put in an offer. Should I already have a property lawyer appointed at this point? I am planning to take a mortgage with Clydesdale.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are taking out a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
Planning on purchasing a flat in Bitterne. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bitterne property lawyer is on the Bank of Ireland conveyancing panel.
Lloyds have agreed my home loan in principle, my offer on a property in Bitterne has been accepted, now what?
Your estate agent will wish to be advised as to your solicitor's details (ensure that the lawyers are on the bank’s approved list). Telephone Lloyds or the broker and complete any relevant documentation. Lloyds will sellect a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes about a week to receive the mortgage offer. Lloyds will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bitterne.
How does conveyancing in Bitterne differ for new build properties?
Most buyers of new build premises in Bitterne come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Bitterne usually buy the land, 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 accustomed to new build conveyancing in Bitterne or who has acted in the same development.
I need to retain a conveyancing solicitor for residential conveyancing in Bitterne. I have stumble upon a web site which looks to be the ideal solution If it is possible to get all this stuff completed via web that would be ideal. Should I be wary? What should out be looking out for?
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?