We are only a couple days away from an exchange on a house in Dorridge and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancer 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 disclosed to the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Can you clarify what the consequences are if my solicitor is suspended from the RBS Conveyancing panel ahead of completing my conveyancing in Dorridge?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Dorridge I like with amenity areas and railway links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Dorridge suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Should I choose a Dorridge conveyancing lawyer based in the location that I am buying? We have a good friend who can perform the conveyancing but they are based a couple of hundredmiles away.
The primary upside of using a local Dorridge conveyancing practice is that you can drop in to execute documents, present your identification documents and apply pressure on them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were impressed that should outweigh using an unfamiliar Dorridge conveyancing solicitor just because they are round the corner.
Our offer on house in Dorridge was accepted, but there is a chain. The current proprietors have submitted an offer on on an apartment, although it’s not yet tied up, and has viewings of other apartments in the pipeline. I have instructed a local conveyancing lawyer in Dorridge. What do I do now? When should I get the mortgage application with RBS started with RBS?
It is understandable to have concerns where there is an associated chain given your reluctance to incur expenses prematurely (home loan application is in the region of £1k, then survey, Dorridge conveyancing search charges, etc). First, you must ensure that your solicitor is on the RBS conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a rising market some home buyers would apply for a home loan with RBS and pay for the survey and only if it was satisfactory would they ask their conveyancing practitioner to press on with searches.