My wife and I are getting closer to an exchange on a house in Hinckley and my parents have transferred the exchange deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is duty bound to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
How up to date is your database of Hinckley solicitors on the Barclays conveyancing panel? Do Barclays send you an updated list?
Hinckley conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
I am purchasing a semi-detached house in Hinckley. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Hinckley you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hinckley.
How does conveyancing in Hinckley differ for newly converted properties?
Most buyers of new build residence in Hinckley contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Hinckley typically acquire 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 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 used to new build conveyancing in Hinckley or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Hinckley is where the house is located. Can you shed any light on this issue?
Flying freeholds in Hinckley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hinckley you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hinckley 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 residence.
My wife and I are acquiring a studio flat in Hinckley. When we first instructed property lawyer, we were told they were on all major UK mortgage company panels. Our mortgage broker contacted us just now to advise that they don't seem to be on the Coventry BS approved list. If it turns out to be true, what should we do? Should we just find a new lawyer that is on their panel or should we pay for dual representation, with Coventry BS selecting their own preferred conveyancer.
When purchasing a property with the benefit of a mortgage it is conventional for the purchaser’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Coventry BS to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Coventry BS's conveyancing panel and you may continue to use your own Hinckley solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.