We are approaching an exchange on a property in Chelmsley Wood and my parents have sent the exchange deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancer is obliged to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My colleague recommended that where I am purchasing in Chelmsley Wood I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Chelmsley Wood conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Chelmsley Wood around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chelmsley Wood Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Chelmsley Wood.
How does conveyancing in Chelmsley Wood differ for new build properties?
Most buyers of new build property in Chelmsley Wood contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Chelmsley Wood 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 accustomed to new build conveyancing in Chelmsley Wood or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Chelmsley Wood is where the house is located. Can you shed any light on this issue?
Flying freeholds in Chelmsley Wood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chelmsley Wood you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chelmsley Wood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am downsizing from my house. My previous solicitors closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Chelmsley Wood if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Chelmsley Wood. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.