We are approaching an exchange on a house in Cotswolds and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I acquired my property in Cotswolds. Conveyancing solicitors have recently been retained on the sale but I can't locate my deeds. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be retained by the lender or they may be in the possession of the solicitor who oversaw your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Cotswolds involves registered property but in the unlikely event that your property is not registered it is more tricky but is resolvable.
My friend recommended that if I am buying in Cotswolds I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Cotswolds conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Cotswolds around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Cotswolds Education with maps and statistics, Local Amenities and other useful data about Cotswolds.
How does conveyancing in Cotswolds differ for newly converted properties?
Most buyers of new build residence in Cotswolds come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Cotswolds tend to 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 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 Cotswolds or who has acted in the same development.
Am I right to be suspicious that brokers that I am dealing with are recommending an online conveyancing firm rather than a High Street Cotswolds conveyancing practice?
As with lots of service providers, often suggestions from connections can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may put forward solicitors to appoint. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are free to appoint your preferred lawyer. However, bear in mind that some banks specify a panel list of law firms you are obliged to use for the mortgage related work in your home move.
My partner has recommend that I use his conveyancers in Cotswolds. Should I use them?
Much as we are happy to recommend a Cotswolds conveyancing lawyer the ideal way to choose a conveyancing solicitor is to seek feedback from friends or relatives who have used the firm you're contemplating using.