I am nearing an exchange on a flat in East Sussex and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from 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?
The property lawyer is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in East Sussex? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in East Sussex. However these days you will not be able to proceed with any conveyancing process without first supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper section and photo card part, one is not sufficient in the absence of the other.
Proof of your origin of funds is mandated under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to retain this information on file. Your East Sussex conveyancing lawyer will require evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask additional questions concerning the source of monies.
My bank has recommended solicitors on their panel based in East Sussex but I would rather choose a conveyancing lawyer in East Sussex or nearer to where I live. Can you help?
Far from all East Sussex conveyancing practitioners are on all lender’s conveyancing panel. Use the above search tool to choose a East Sussex conveyancing conveyancer on the on the mortgage company panel.
How does conveyancing in East Sussex differ for newly converted properties?
Most buyers of new build property in East Sussex contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in East Sussex tend to acquire the site, 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 conveyancing solicitors 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 East Sussex or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. East Sussex is where the house is located. What do you suggest?
Flying freeholds in East Sussex are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East Sussex you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Sussex may ascertain 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 property.
Is it best to use a East Sussex conveyancing solicitor based in the vicinity that I am buying? We have a good friend who can deal with the legal work however they are based 300miles away.
The benefit of a high street East Sussex conveyancing practice is that you can attend the office to execute paperwork, hand in your identification documents and pester them where appropriate. Having local East Sussex know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were impressed that should trump using an unfamiliar East Sussex conveyancing solicitor solely due to them being East Sussex based.