My husband and I are nearing an exchange on a property in Ivybridge and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to check with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Ivybridge?
Where you are retaining lawyers for conveyancing in Ivybridge your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this should be needed shortly prior to exchange of contracts. The final balance that is due should be sent to your lawyer a couple of days prior to the completion date.
My uncle advised me that in purchasing a property in Ivybridge there may be a number of restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Ivybridge which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Ivybridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Ivybridge property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Ivybridge solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ivybridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Just had an offer accepted on a new build flat in Ivybridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ivybridge
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants.
I decided to have a survey done on a property in Ivybridge prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders may not give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ivybridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ivybridge to see if the conveyancing will be more expensive.