My partner and I are approaching an exchange on a flat in Great Barford and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my lawyer 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 informed the lender regarding 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 legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
How does conveyancing in Great Barford differ for newly converted properties?
Most buyers of new build premises in Great Barford contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Great Barford usually purchase the real estate, 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 Great Barford or who has acted in the same development.
I decided to have a survey done on a house in Great Barford ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not give a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Barford. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for some conveyancing in Great Barford. I have discover a site which appears to be the ideal solution If there is a chance to get all the legals done via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Should I cancel my mortgage payments with TSB once a completion date for my sale in Great Barford has been set?
You would be well advised to continue meeting any mortgage sums to TSB until the mortgage is discharged on completion as part of your Great Barford conveyancing.