My wife and I are nearing an exchange on a house in Bawtry and my parents have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company 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 check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We see that you have a search directory identifying firms on the Nottingham conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Bawtry?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bawtry.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial site in Bawtry?
Many commercial conveyancing solicitors in Bawtry will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Bawtry. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Bawtry.
For each commercial conveyancing transaction in Bawtry it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Bawtry commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Bawtry.
How does conveyancing in Bawtry differ for newly converted properties?
Most buyers of new build property in Bawtry approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Bawtry tend to buy 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 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 Bawtry or who has acted in the same development.
I decided to have a survey carried out on a property in Bawtry in advance of instructing solicitors. I have been told that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bawtry. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bawtry to see if the conveyancing costs will increase in light of this.