I am approaching an exchange on a flat in Horbury and my parents have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The 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. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather appoint a specialised conveyancing solicitor in Horbury?
You should check but the chances are that give you one of their panel conveyancers where you take up the "fee-free" incentive. Speak to the lender and explore if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Horbury.
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Horbury conveyancing lawyers have been instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money conducted the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with Kent Reliance. I assume I don't need a Horbury property lawyer on the Kent Reliance panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Horbury solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton 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 Horbury 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.
I am close to exchanging contracts on the sale of our property in Horbury and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any high street Horbury lawyer would know that there is no such problem. It does beg the question why the purchasers used a factory type conveyancing practice rather than a conveyancing solicitor in Horbury. Having lived in Horbury for many years we know of no issue. Should we get in touch with our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Horbury is where the house is located. Can you shed any light on this issue?
Flying freeholds in Horbury are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Horbury 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 Horbury 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 residence.
Do I need to be wary about brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Horbury conveyancing practice?
As is the case with lots of service providers, often recommendations from connections can be most helpful. Nevertheless there are many players in a conveyancing matter; estate agents, financial adviser and lenders might all suggest conveyancers to appoint. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. Don't forget that many banks specify a panel list of conveyancers you must use for the lender related work in your conveyancing.