My partner and I are approaching an exchange on a flat in Leicestershire and my mum and dad have sent the exchange deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancing practitioner 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.
Is there a reason why leasehold purchase conveyancing in Leicestershire costs more?
Leicestershire leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Do I have to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Leicestershire so that I can attend their offices if required.
As opposed to ten years ago, almost all lenders no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide ID documents and there are still manifest benefits to using a local practitioner, in your situation a conveyancing solicitor in Leicestershire.
How does conveyancing in Leicestershire differ for newly converted properties?
Most buyers of new build premises in Leicestershire approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Leicestershire tend to acquire 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 conveyancing solicitors 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 Leicestershire or who has acted in the same development.
I require the services of a bank panel solicitor in Leicestershire. Could you help me?
Unfortunately it’s not apparent why you need a Leicestershire panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Leicestershire are on their panel . If you do find such a firm in Leicestershire not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site