We are only a couple days away from an exchange on a flat in Edge Hill and my parents have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my lender. 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 advised the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your conveyancer is obliged to clarify with mortgage company 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 bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Edge Hill? Is this really necessary?
To satisfy the Money Laundering Regulations any Edge Hill conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to validate not only the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
My lawyer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Edge Hill?
The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Are all Edge Hill Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
A selection of lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
Last month we had a mortgage agreed in principle with Lloyds. Edge Hill conveyancing solicitors are chosen. How long does it take for Lloyds to send the offer to the conveyancer?
There is no definitive answer here. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
How does conveyancing in Edge Hill differ for new build properties?
Most buyers of new build residence in Edge Hill come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because developers in Edge Hill typically acquire 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 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 Edge Hill or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Edge Hill I like with a park and station in the vicinity, however it's only got 61 years on the lease. There is not much else in Edge Hill suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.