My partner and I are only a couple days away from an exchange on a house in Stony Stratford and my mum and dad have sent the 10% deposit to my conveyancer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The conveyancer is obliged to clarify with the bank 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 lender if you agree, failing which, your lawyer must cease to continue acting.
A friend suggested that where I am purchasing in Stony Stratford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Stony Stratford conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Stony Stratford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Stony Stratford Education with maps and statistics, Local Amenities and other useful data concerning Stony Stratford.
How does conveyancing in Stony Stratford differ for newly converted properties?
Most buyers of new build property in Stony Stratford approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Stony Stratford typically buy 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 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 used to new build conveyancing in Stony Stratford or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Stony Stratford I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Stony Stratford in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years 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 speak to your conveyancing lawyer concerning this matter.
I'm converting the mortgage on my primary property to a BTL loan with HSBC Bank and I will use the rest of the raised equity towards another property. The location we are talking about is Stony Stratford. Will your conveyancers be able to act for both sets of banks and tie in the transactions?
Make use of our comparison tool on this site to be sure that the solicitors are approved by both banks. Having checked that they are the solicitor should be able to simultaneously deal with the two deals but you should have a chat with you solicitor and communicate your desired outcome and needs.
At long last our conveyancing in Stony Stratford completes on Friday, however the people I am purchasing off has asked to move out the next day at midday. Should I accept such a plan?
It is not possible to complete on a Saturday due to the bank systems aren't working.