We are nearing an exchange on a property in Chorleywood and my parents have transferred the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The solicitor is legally required to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know regarding purchase conveyancing in Chorleywood?
You may not hear this from too many lawyers but conveyancing in Chorleywood and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the ownership transfer. E.g., the vendor, selling agent and sometimes the mortgage company. Choosing a solicitor for your conveyancing in Chorleywood is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose role it is to protect your best interests and to keep you safe.
Sometimes a third party with a vested interest may attempt to sway you that it is in your interests to do things their way. For example, the selling agent may claim to be helping by claiming that your lawyer is slow. Or your mortgage broker may try to convince you to do take action that is against your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I require expedited conveyancing in Chorleywood as I am under an ultimatum to complete within one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not getting a mortgage you are at free not to have searches conducted although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Chorleywood the following are instances of what can show up and adversely affect future mortgageability: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Chorleywood is where the house is located. Can you shed any light on this issue?
Flying freeholds in Chorleywood are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chorleywood you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chorleywood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am looking into buying my first house which is in Chorleywood and I am already nervous. I couldn't find anything specific about Chorleywood. Conveyancing will be needed in due course but do you know about the Chorleywood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chorleywood. In the meantime here are some basic statistics that we found
I have been sourcing a conveyancing lawyer in Chorleywood for my home move. Is it possible to review a solicitor's complaints history with the legal regulator?
One can review presented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The SRA may recorded call for training reasons.