My partner and I are only a couple days away from an exchange on a flat in Snaith and my mum and dad have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from 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 disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your conveyancer is duty bound to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Snaith?
If you are buying a property in Snaith your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be required immediately before exchange of contracts. The final balance that is due should be transferred shortly before completion.
I bought my house on 12 January and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Snaith said it should be registered inside ten days. Are transfers in Snaith uniquely lengthy to register?
There is nothing unique about conveyancing in Snaith registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry need to notify any other persons or bodies. At present roughly three quarters of submission are fully dealt with in less than three weeks but occasionally there can be extensive delays. Registration occurs once the buyer is living at the property thus an expedited registration is not always top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should contact the land registry and explain the circumstances.
How does conveyancing in Snaith differ for newly converted properties?
Most buyers of new build residence in Snaith approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Snaith usually 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 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 Snaith or who has acted in the same development.
I am thinking of appointing a conveyancing solicitor in Snaith for my house move. Can I see a solicitor's record with the profession’s regulator?
You may see documented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA could recorded call for training requirements.