My husband and I are only a couple days away from an exchange on a house in Shillington and my parents have sent the exchange deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. 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 when it comes to conveyancing in Shillington?
Where you are retaining lawyers for conveyancing in Shillington your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this should be asked for immediately in advance of contracts are exchanged. Any further balance that is due should be transferred shortly before completion.
My bid for a property was accepted at auction in Shillington. Conveyancing is necessary. What happens now?
Given that you have now exchanged you will need to instruct a conveyancing solicitor quickly as you are faced with a tight deadline in which to complete the conveyancing. An auction property will ordinarily have a bespoke legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold property the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You must give this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I happen to be the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Shillington. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view lenders take of it, depend on the bank as this clause is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of property.
After shopping around on the internet I have found a Shillington conveyancing practitioner having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB 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 Shillington 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.
Various online forums that I have frequented warn that are the number one cause of hinderance in Shillington house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Shillington.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Shillington is where the house is located. What do you suggest?
Flying freeholds in Shillington are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shillington you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shillington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.