We are getting closer to an exchange on a flat in Calcot and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What happens if my solicitor is suspended from the Aldermore Solicitor panel ahead of completing my conveyancing in Calcot?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We expect to receive a AIP from TSB this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Calcot solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Calcot solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
The mortgage over my property is with TSB for my property in Calcot. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
You must advise TSB prior to letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
After what seems like an age I have had an offer on a flat in Calcot agreed to, the owners do however have a tied purchase. The vendors have put an offer on a property, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a local conveyancing solicitor in Calcot. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then survey, Calcot conveyancing search charges, etc). The first course of action is to check that your solicitor is on the TSB approved list. As to the next phase this very much dictated by the specifics of your case, attraction to this property and on the state of the market. In a rising market the majority of purchasers would apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to press on with the conveyancing in Calcot.
The deeds to our property are lost. The solicitors who handled the conveyancing in Calcot 5 years ago are no longer around. What are my options?
In today’s world there are duplicates made of almost everything, and your solicitor will know exactly where to find all the relevant documentation so you may buy or dispose of your property without any difficulty. Where copies can’t be found, your conveyancer may be able to put in place insurance or indemnities protecting you against possible claims on your property.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Calcot is the location of the property. Is there any guidance you can give?
Flying freeholds in Calcot are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Calcot you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Calcot 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.
We're FTB’s - agreed a price, yet the property agent has warned us that the seller will only proceed if we use the agent's recommended lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Calcot
It is unlikely the vendors are driving this. If they require ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and explain that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to use your own,trusted Calcot conveyancing lawyers - not the ones that will earn the negotiator at the agency a commission or achieve conveyancing targets demanded by HQ.