We are getting closer to an exchange on a house in Gloucestershire and my mum and dad have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner 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 informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancer is legally required to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I just acquired a flat at auction in Gloucestershire. Conveyancing is required. What is next?
Given that you have now legally bound yourself to purchase you must choose a conveyancing lawyer soon as you now have a fast approaching a drop dead date to complete the transaction. Every auction property should have a bespoke legal set of papers. This will include most,if not all of the documents that your lawyer requires. If you have purchased leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You must hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete on the date specified in the contract.
We were going to get a DIP from Principality this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Gloucestershire solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Gloucestershire solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Gloucestershire solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Gloucestershire surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
A relative suggested that where I am buying in Gloucestershire I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Gloucestershire conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Gloucestershire around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Gloucestershire Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Gloucestershire.
Are there restrictive covenants that are commonly identified as part of conveyancing in Gloucestershire?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Gloucestershire. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Gloucestershire differ for new build properties?
Most buyers of new build premises in Gloucestershire come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Gloucestershire 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 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 Gloucestershire or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Gloucestershire I like with a park and transport links nearby, however it's only got 61 years on the lease. There is not much else in Gloucestershire suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.