My wife and I are only a couple days away from an exchange on a house in Great Shelford and my mum and dad have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my lawyer needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The conveyancer is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Will commercial conveyancing searches reveal proposed roadworks that could affect a commercial site in Great Shelford?
Many commercial conveyancing solicitors in Great Shelford will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Great Shelford. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Great Shelford.
For each commercial conveyancing transaction in Great Shelford it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Great Shelford commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Great Shelford.
How does conveyancing in Great Shelford differ for new build properties?
Most buyers of new build or newly converted property in Great Shelford approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Great Shelford typically buy 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 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 used to new build conveyancing in Great Shelford or who has acted in the same development.
My step-father has urged me to instruct his conveyancing solicitors in Great Shelford. Do I take his guidance?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to get referrals from friends or relatives who have actually previously instructed the solicitor you're are thinking of instructing.
Me and my wife have agreed a price on a Great Shelford bungalow we inherited some years ago in 2010. I have over 12 years conveyancing experience and, now retired, see no reason not to undertake my own legal work. The buyer's solicitor has informed me that their Lenders will not allow you to do your own conveyancing as they require the funds to be sent to a solicitor's bank account.
Mortgage instructions to solicitors from all mainstream lenders specify that If the seller does not have legal representation the purchaser’s lawyers should check whether the mortgage company needs to be told so that a decision can be reached as to whether or not they are prepared to progress.