My husband and I are only a couple days away from an exchange on a house in Bearsted and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancer is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are aiming to move house in March. Will my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you recommend a removal company in Bearsted. Conveyancing solicitor was chosen before I stumbled across your page.
On the afternoon of completion you can pick up the keys from the selling agent but this can only occur when the vendors solicitors advise the agent that they have the completion monies and the keys can be collected. Subsequently you will need to inform the removal company that you are ready to move in. We are not in a position to recommend a particular removal organisation but can assist you in locating a conveyancing in Bearsted or a legal practice with expertise in conveyancing in Bearsted.
I have been advised by my lawyer that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bearsted?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Bearsted building society branch on numerous occasions and was advised it wasn't a problem and they would lend. My Bearsted conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
The conveyancer has to follow the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What will a local search inform me concerning the property I am purchasing in Bearsted?
Bearsted conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search plays an important part in most Bearsted conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
How does conveyancing in Bearsted differ for newly converted properties?
Most buyers of new build premises in Bearsted come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Bearsted tend to purchase 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 accustomed to new build conveyancing in Bearsted or who has acted in the same development.
I have been recommended by numerous property agents in Bearsted to select a solicitor using your seach tool. Is there a financial incentive for Estate Agents to offer your services over and above a competitor’s?
We don’t give any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.