My husband and I are only a couple days away from an exchange on a flat in Swansea East and my parents have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank 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 duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold premises in Swansea East but still charged rent, why is this and what is this?
It’s unusual for properties in Swansea East and has limited impact for conveyancing in Swansea East but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Do the Building Society Association intend to launch a searchable register to list solicitors on the Earl Shilton BS conveyancing panel for example in Swansea East?
We have not been informed any plans on the part of the BSA to develop such a tool.
How does conveyancing in Swansea East differ for new build properties?
Most buyers of new build or newly converted property in Swansea East come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Swansea East usually 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 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 used to new build conveyancing in Swansea East or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Swansea East ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks will not issue a mortgage on such a house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Swansea East. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Swansea East to see if the conveyancing costs will increase in light of this.
Should I instruct a Swansea East conveyancing practitioner in close proximity to the house I am buying? An old friend can perform the conveyancing however his firm is located 200miles away.
The benefit of a high street Swansea East conveyancing practice is that you can visit the firm to execute documents, hand in your ID and pester them if necessary. They will also have local insight which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were happy that must surpass using an unfamiliar Swansea East conveyancing solicitor solely due to them being based in the area.