My husband and I are only a couple days away from an exchange on a flat in Swanland and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancing practitioner is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Do lawyers ask for money up-front for my conveyancing in Swanland?
If you are buying a property in Swanland your lawyer will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this should be needed shortly prior to contracts are exchanged. The final balance that is needed will be payable a couple of days prior to the completion date.
Do commercial conveyancing searches disclose proposed roadworks that may impact a commercial premises in Swanland?
Many commercial conveyancing solicitors in Swanland will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Swanland. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Swanland.
For every commercial conveyancing transaction in Swanland it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Swanland commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Swanland.
How does conveyancing in Swanland differ for new build properties?
Most buyers of new build or newly converted property in Swanland approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Swanland typically 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 conveyancing solicitors 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 Swanland or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Swanland ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies tend refuse to issue a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Swanland. Conveyancing will be smoother if you use a solicitor in Swanland especially if they regularly deal with such properties in Swanland.