My partner and I are approaching an exchange on a house in St Ives and my parents have sent the 10% deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your property lawyer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Are the BSA planning on creating a online directory to list practices on the Coventry BS conveyancing panel for example in St Ives?
We are not aware of any intention on the part of the BSA to promote such a register.
Should my conveyancer be raising questions about flooding during the conveyancing in St Ives.
Flooding is a growing risk for solicitors dealing with homes in St Ives. There are those who buy a house in St Ives, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a various checks that can be initiated by the buyer or by their conveyancers which will figure out the risks in St Ives. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to find out if the premises has historically flooded. If the premises has been flooded in past which is not notified by the vendor, then a buyer could commence a claim for damages as a result of such an inaccurate reply. A purchaser’s conveyancers will also carry out an environmental report. This will disclose whether there is any known flood risk. If so, additional inquiries should be initiated.
I decided to have a survey completed on a house in St Ives before instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks tend not issue a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in St Ives. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for residential conveyancing in St Ives. I happened to chance upon a site which seems to have the perfect solution If it is possible to get all the legals completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?