We are only a couple days away from an exchange on a flat in Cramlington and my parents have sent the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this 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 advised the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The solicitor is legally required to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is is a decade since I bought my house in Cramlington. Conveyancing solicitors have just been instructed on the sale but I am unable to find my deeds. Is this a major issue?
Don’t worry too much. First the deeds may be with your mortgage company or they could be archived with the lawyers who handled the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Cramlington involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
I have been told that property searches are a common cause of hinderance in Cramlington conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Cramlington.
I got the keys to my home on 6 April and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in Cramlington expressed confidence that it should be formalised in less than a month. Are properties in Cramlington uniquely lengthy to register?
As far as conveyancing in Cramlington registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry have to notify any 3rd parties. At present in the region of 80% of submission are completed in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs once the new owner is living at the premises therefore 'speed' is not always primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
How do I use the search tool to choose a conveyancing practitioner in Cramlington on the approved list for my lender?
1st select a bank such as Nationwide Building Society, Leeds Building Society or Britannia then type in your location e.g. Cramlington. Conveyancing firms in Cramlington and further afield will then be identified.
I am purchasing a maisonette mortgage free. I have provided lawyer with 2 separate proof of photo identification, bank statement, endless utility bills. Now he wants a copy from a probate lawyer acknowledging that the money is in order and that it has come from inheritance and not selling fake watches.
In today’s world you will not be able to complete any Cramlington conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering laws.