My partner and I are getting closer to an exchange on a flat in St Athan and my mum and dad have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is obliged to check 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 disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in St Athan? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. If you are unwilling to supply ID verification documents, your lawyer would not be able to accept instructions from you.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in St Athan?
Unless a prior purchase of the premises completed after 12 October 2013 you may expect conveyancing practitioners handling conveyancing in St Athan to remain encouraging a chancel search and or chancel repair liability policy.
How does conveyancing in St Athan differ for newly converted properties?
Most buyers of new build premises in St Athan come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in St Athan usually acquire the land, 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 St Athan or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in St Athan in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks will not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Athan. Conveyancing may be slightly more expensive based on your lender's requirements.
How easy is it to use your search tool to find a conveyancing practitioner in St Athan on the approved list for my bank?
First select a bank such as Accord Mortgages Ltd, Bank of Scotland or Bank of Ireland then type in your location such as St Athan. Conveyancing firms in St Athan and across England and Wales will then be identified.