My partner and I are only a couple days away from an exchange on a house in Irchester and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
When can the exchange of contracts take place for domestic conveyancing in Irchester and do I need to be at the lawyers office?
If you are near to one of the conveyancing solicitors in Irchester you are welcome to come in to sign the paperwork. That being said, the law practices we work with provide a countrywide conveyancing service and provide as equally detailed and professional a job for you when communicating with you digitally. The executing of the contract is not the point of no return. A signed contract is necessary for the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Irchester)to be in the office at the appropriate time.
We are buying a house in Irchester. It might be a silly question but how we can trust a lawyer? On completion day we will need to put our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Irchester solicitor practices on the Aldermore conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the SRA. The majority of mortgage companies do list licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
The mortgage over my property is with Kent Reliance for my property in Irchester. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance before renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
How does conveyancing in Irchester differ for new build properties?
Most buyers of new build premises in Irchester contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Irchester usually purchase the real estate, 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 conveyancers 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 Irchester or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Irchester I like with a park and railway links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Irchester for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.