I am approaching an exchange on a flat in Sutton Coldfield and my mum and dad have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The property lawyer is legally required to check with lender 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 lender if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I bought my house in Sutton Coldfield. Conveyancing solicitors have just been retained on the sale but I am unable to track down my deeds. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be kept by your lender or they could be in the possession of the solicitor who acted in your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Sutton Coldfield involves registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
I am thinking of refinancing my home in Sutton Coldfield, does my lawyer need to be on the Yorkshire BS Solicitor panel?
There is nothing to stop you using your solicitor, but Yorkshire BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How does conveyancing in Sutton Coldfield differ for new build properties?
Most buyers of new build premises in Sutton Coldfield come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Sutton Coldfield tend to 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 accustomed to new build conveyancing in Sutton Coldfield or who has acted in the same development.
I decided to have a survey completed on a house in Sutton Coldfield before retaining conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some mortgage companies may not grant a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Sutton Coldfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sutton Coldfield to see if the conveyancing will be more expensive.