I am approaching an exchange on a flat in Finchley and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Can you clarify what the consequences are if my solicitor is expelled from the Barclays Conveyancing panel ahead of completing my conveyancing in Finchley?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have todaydiscovered that Wolstenholmes have closed. They carried out my conveyancing in Finchley for a purchase of a freehold house 10 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Finchley conveyancing specialists.
How does conveyancing in Finchley differ for new build properties?
Most buyers of new build premises in Finchley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Finchley usually buy the real estate, 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 conveyancers 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 used to new build conveyancing in Finchley or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Finchley ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies will refuse to issue a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Finchley. Conveyancing will be smoother if you use a solicitor in Finchley especially if they regularly deal with such properties in Finchley.
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At this site get an accurate costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Finchley. As opposed to estate agents and many comparison sites we do not have referral arrangements with solicitors. Some agents and online brokers 'recommend' the firm paying the highest per referral, rather than the best value conveyancing in Finchley