My husband and I are nearing an exchange on a property in Stanwell and my mum and dad have sent the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my mortgage company. 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 informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Do the Building Society Association intend to launch a search tool with a view to list law firms on the Loughborough BS conveyancing panel for example in Stanwell?
We are not aware of any plans on the part of the BSA to promote such a register.
I have been told that property searches are the number one cause of hinderance in Stanwell conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Stanwell.
The deeds to my home can not be found. The conveyancers who dealt with the conveyancing in Stanwell 5 years ago have long since closed. What are my next steps?
You no longer need to have the physical official documentation to evidence that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Stanwell differ for new build properties?
Most buyers of new build residence in Stanwell come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Stanwell tend to purchase the site, 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 property lawyers 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 Stanwell or who has acted in the same development.
We're first time buyers - had an offer accepted, yet the selling agent advised that the seller will only go ahead if we instruct their chosen lawyers as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor used to conveyancing in Stanwell
It is highly unlikely the owners are behind this. If they want ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Try to communicate with the sellers directly and make the point that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Stanwell conveyancing solicitors - not the ones that will earn their negotiator at the agency a kickback or achieve conveyancing figures demanded by corporate headquarters.