My partner and I are approaching an exchange on a flat in Pickering and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has not come from me my lawyer needs to disclose this 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 regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancer is obliged to check with lender to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Pickering. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/12/2024, the requirements read as follows :
I just acquired a house at auction in Pickering. Conveyancing is necessary. What is next?
Now that you are for all intents and purposes signed on the dotted line you should appoint a conveyancing practitioner quickly as you are facing a pending a fixed date to complete the purchase. All auction property will have a corresponding auction set of papers. This should include evidence of title and search results. If you have purchased leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You should give 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 the transaction on the set completion date.
When it comes to lenders such as Virgin Money, do Pickering property lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I recently had an offer accepted on a house in Pickering. My mortgage broker recommended their conveyancers. I paid an advanced payment of £225. A few days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Pickering differ for new build properties?
Most buyers of new build premises in Pickering approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Pickering tend to purchase 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 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 Pickering or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Pickering is where the house is located. Can you offer any guidance?
Flying freeholds in Pickering 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 Pickering you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pickering 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 property.
Is there a reason that Pickering conveyancing fees are more expensive for leasehold and freehold properties?
Inevitably there is more work needed in leasehold conveyancing. Pickering has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.