My wife and I are getting closer to an exchange on a property in Needham Market and my mum and dad have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my bank. 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 disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am considering applying for a Bank of Ireland mortgage for purchase of a newly converted (under development) in Needham Market with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Various web forums that I have frequented warn that are the primary cause of stalling in Needham Market conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Needham Market.
How does conveyancing in Needham Market differ for newly converted properties?
Most buyers of new build or newly converted property in Needham Market approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Needham Market tend to acquire the land, 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 conveyancers 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 Needham Market or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Needham Market and how can you help?
The 1954 Act provides protection to commercial lessees, giving them the a statutory right to apply to court for a new tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Needham Market is one of the numerous areas of the UK in which the firms we work with have offices
As co-executor for the estate of my grandmother I am disposing of a property in Monmouth but live in Needham Market. My conveyancer (approximately 260 kilometers from merequires that I sign a stat dec ahead of completion. Can you recommend a conveyancing solicitor in Needham Market to attest and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Needham Market