My partner and I are getting closer to an exchange on a house in Saffron Walden and my parents have transferred the exchange deposit to my property lawyer. I am now told that as the deposit has not arrived from me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank 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 mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for my conveyancing in Saffron Walden?
If you are buying a property in Saffron Walden your solicitor will request that you to provide them with funds to cover the search fees. Ordinarily this is needed to cover the fees of the Local Authority Search. When the deposit is as part of the purchase price then this should be required immediately in advance of exchange of contracts. Any further balance that is needed should be transferred a couple of days prior to the completion date.
Should my conveyancer be asking questions regarding flooding during the conveyancing in Saffron Walden.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Saffron Walden. Plenty of people will purchase a house in Saffron Walden, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Saffron Walden. The conventional set of information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover if the premises has suffered from flooding. If the property has been flooded in past which is not disclosed by the owner, then a purchaser could issue a legal claim for losses as a result of such an misleading answer. A buyer’s solicitors may also order an enviro search. This will higlight whether there is any known flood risk. If so, additional inquiries will need to be initiated.
My wife and I have a renovated Edwardian property in Saffron Walden. Conveyancing solicitor acted for me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching address. Is it worth asking Bank of Scotland to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Saffron Walden and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing solicitor who conducted the work.
Do I need to be suspicious about estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Saffron Walden conveyancing company?
As with many service providers, often recommendations from relatives can be most helpful. But there are many players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend lawyers to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the discretion to choose your own lawyer. Don't forget that many lenders operate an approved list of lawyers you must use for the mortgage related work in your conveyancing.
We are 3 weeks into a leasehold purchase having been recommend to conveyancers by the high street agent to carry out the conveyancing in Saffron Walden. I am am very dissatisfied with the level of service. Can you you assist me in finding new conveyancers?
A solicitor would need to be very poor to suggest changing them. Has the mortgage offer been generated? In the event that it has you need to make them aware of the new contact details and have the offer are re-issued. Your new solicitor ideally should be on the lenders approved list to avoid supplemental expenses and frustration. That should be your starting point. Our search tool can help you find a bank approved conveyancer for your home move in Saffron Walden