I am nearing an exchange on a flat in Little Bromwich and my parents have sent the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. I am advised that, 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 mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
As someone not used to conveyancing in Little Bromwich what is your top tip you can impart for the legal transfer of property in Little Bromwich
You may not hear this from too many lawyers but conveyancing in Little Bromwich and elsewhere in Birmingham is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of opportunity for confrontation between you and other parties involved in the house moving process. E.g., the seller, property agent and sometimes a bank. Selecting a lawyer for your conveyancing in Little Bromwich is a critical decision as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to look after your legal interests and to protect you.
On occasion a third party with a vested interest may attempt to convince you that you should follow their advice. For example, the property agent may claim to be helping by suggesting your lawyer is wrong. Or your mortgage broker may try to convince you to do something that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties in the home moving process.
Various online forums that I have frequented warn that are the main reason for delay in Little Bromwich conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Little Bromwich.
It has been four months since my purchase conveyancing in Little Bromwich completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My company is intending to lease a unit on the high street. Can you recommend lawyers offering no-sale-no charges for non-domestic conveyancing in Little Bromwich for under £2000?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Little Bromwich, including the disposal and purchase of businesses as well as simply property. If you are intending to purchase or dispose of a shop, pub, restaurant, office, retail unit or a complete business we will find you the right firm. As for the fees this will depend on the structure and nuances of the deal. Let us have your contact information or phone us so that we may supply you with comprehensive commercial conveyancing quote.