My partner and I are nearing an exchange on a house in Newall Green and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The solicitor is obliged to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Newall Green? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to hand over ID verification documents, your lawyer would not be able to act for you.
Can I be sure that the Newall Green conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Newall Green getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your conveyancing.
I have paid off my mortgage with Co-operative. I assume I don't need a Newall Green property lawyer on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative 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 Co-operative mortgage from the register. Co-operative, 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 Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
The mortgage over my property is with UBS for my property in Newall Green. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
You must advise UBS prior to renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel lawyer.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a residence in Newall Green? or Apparently there is an ancient law that means some house owners residing in a parish church boundary will be compelled to pay for maintenance to the chancel within the church. Is this a legitimate concern for conveyancing in Newall Green?
Unless a previous purchase of the property took place post 12 October 2013 you could expect solicitors delivering conveyancing in Newall Green to remain encouraging a chancel search and or chancel repair liability policy.
I opted to have a survey completed on a property in Newall Green in advance of retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies may not grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newall Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newall Green to see if the conveyancing costs will increase in light of this.
I have been recommended by a few property agents in Newall Green to select a property lawyer on your site. What’s the financial upside for Estate Agents to recommend your services over alternative conveyancing organisations?
We don’t offer any referral fee for directing people our way. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.