I am only a couple days away from an exchange on a house in Harold Park and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your lawyer is legally required to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
When it comes to mortgage companies such as Virgin Money, do Harold Park conveyancers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
My partner and I have arranged the release of further funds on our mortgage from HSBC as we want to conduct a loft conversion to our home in Harold Park. Are we obliged to select a high street Harold Park solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC do not ordinarily require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
About to purchase maisonette in Harold Park. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Harold Park property lawyer is on the Yorkshire BS conveyancing panel.
My friend advised me that if I am purchasing in Harold Park I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Harold Park conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Harold Park 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 Property Price, Crime details, Harold Park Education with maps and statistics, Local Amenities and other useful data regarding Harold Park.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Harold Park is the location of the property. What do you suggest?
Flying freeholds in Harold Park are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Harold Park you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Harold Park may ascertain 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 was recommended by a few property agents in Harold Park to get a quote from a conveyancer on your site. Is there a financial advantage for Estate Agents to promote your site over another?
We don’t give any referral fee for directing people our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
We're first time buyers - had an offer accepted, but the estate agent has warned us that the vendor will only proceed if we use their recommended lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Harold Park
It is unlikely the sellers are behind this. If they require ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Contact the sellers directly and make the point that (a)you are genuine purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to use your preferred Harold Park conveyancing firm - rather thanthe ones that will give their estate agent a commission or achieve conveyancing figures set by HQ.