My wife and I are only a couple days away from an exchange on a house in Southwick and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my lawyer needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know concerning purchase conveyancing in Southwick?
You may not hear this from too many lawyers but conveyancing in Southwick and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the ownership transfer. E.g., the seller, selling agent and even potentially the bank. Selecting a law firm for your conveyancing in Southwick an important selection as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to look after your legal interests and to keep you safe.
On occasion a third party with a vested interest will try and persuade you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by suggesting your solicitor is wrong. Or your financial adviser may try to convince you to do take action that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel lawyer as I would prefer to instruct a specialised conveyancing solicitor in Southwick?
You should check but the chances are that allocate you one of their panel solicitors if you take up the "fee-free" deal. Contact the mortgage company and check if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Southwick.
I acquired my home on 2 May and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Southwick expressed confidence that it should be formalised in a couple of weeks. Are properties in Southwick particularly slow to register?
There is nothing unique when it comes to conveyancing in Southwick registration formalities. As opposed to being determined by geographic area, timeframes can differ subject to the party submitting the application, whether it is in order and whether the Land registry must send notices to any interested persons or bodies. At present approximately 80% of submission are fully dealt with within 12 days but occasionally there can be extensive hold-ups. Historically registration is effected once the purchaser has moved in to the premises thus 'speed' is not always an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Southwick I like with open areas and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Southwick for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I am using a search engine for the words on line conveyancing in Southwick it reveals many solicitorsin the area. How do I determine which is the suitable solicitor for the sale of my house?
The ideal method of seeking a suitable conveyancer is through a trusted recommendation, so seek the guidance of colleagues and family who have bought a property in Southwick or a reputable estate agent or financial adviser. Fees for conveyancing in Southwick differ, so it's advisable to request a minimum of four quotes from different conveyancers. Be sure to secure confirmation that the costs are guaranteed not to to be inflated.