My husband and I are only a couple days away from an exchange on a house in Ravenscourt Park and my parents have transferred the 10% deposit to my conveyancing practitioner. 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. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is duty bound to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We're in Ravenscourt Park, First time buyers purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I used Action Conveyancing a few years past for my conveyancing in Ravenscourt Park. I now require my papers but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ravenscourt Park of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Ravenscourt Park differ for newly converted properties?
Most buyers of new build residence in Ravenscourt Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Ravenscourt Park typically purchase the site, 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 accustomed to new build conveyancing in Ravenscourt Park or who has acted in the same development.
I have been advised by a few property agents in Ravenscourt Park to choose a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to promote your services over and above a competitor’s?
We refuse to offer any financial incentive for directing people our way. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.