My partner and I are nearing an exchange on a flat in Sharnbrook and my mum and dad have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancer is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Sharnbrook costs more?
Sharnbrook leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable 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.
My uncle passed away six months ago and as sole heir and executor I was left the house in Sharnbrook. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this possible?
If you intend to refinance then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
How does conveyancing in Sharnbrook differ for new build properties?
Most buyers of new build or newly converted property in Sharnbrook come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Sharnbrook typically acquire 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 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 Sharnbrook or who has acted in the same development.
Should I be concerned by estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local Sharnbrook conveyancing company?
As with lots of service providers, often recommendations from relatives can be worth their weight in gold. Nevertheless there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend lawyers to appoint. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that many banks specify a panel list of law firms you must use for the lender aspect of your conveyancing.