My wife and I are getting closer to an exchange on a property in March and my parents have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my mortgage company. 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 concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The conveyancing practitioner is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
How does conveyancing in March differ for newly converted properties?
Most buyers of new build premises in March contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in March usually buy 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 March or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in March I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in March suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
How do I use your search tool to get a quote from a conveyancing solicitor in March on the approved list for my mortgage?
First choose a bank such as HSBC Bank, Virgin Money or Britannia then specify your location a common one being March. Conveyancing organisations in March and further afield should be listed.
My step-father has suggested that I appoint his conveyancers in March. Should I choose my own solicitor?
There are no two ways about it the ideal way to find a conveyancing solicitor is to get recommendations from friends or family who have actually used the conveyancer that you are are thinking of instructing.
I acquired a house in March last 26/1/2023 and to date it is still not registered with the Land Registry. It was part of a new estate and my solicitor told me that it can take one year to complete the registration formalities. I have spoken with the Land Registry directly and they say that the initial application was cancelled due to failure to reply to requisitions. Should I be concerned?
get in touch with your property lawyer - Where you are unsatisfied with the responses, enquire as to their firm’s complaints process and amplify your concerns to a Partner. Registrations for March conveyancing are not known to be significantly delayed.