My wife and I are nearing an exchange on a property in Heathrow and my parents have transferred the exchange deposit to my lawyer. I am now told that as the deposit has not come from me my lawyer needs to disclose this to my bank. Apparently, 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 disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancer is duty bound to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Heathrow last August but my buyer keeps SMS messaging every few hours to say his lawyer is waiting to hear from mysolicitor. What are the post completion sale formalities following completion?
Following your disposal your lawyer should forward the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your solicitor must also confirm that the legal charge in favour of the lender has been discharged to the purchasers conveyancers. There is unlikely to be post completion tasks unique to conveyancing in Heathrow.
There are plenty of conveyancing solicitors in Heathrow but how do I know who I should use?
Do not opt for the lowest Heathrow conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
After much negotiation I have agreed a price on a house in Heathrow. My mortgage broker recommended their conveyancers. I paid an advanced payment of £175. A couple of days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My sealed bid on a detached house in Heathrow has been accepted, but there is a chain. The vendors have placed an offer on a property, but it’s not yet tied up, and are looking at other apartments in the pipeline. I have instructed a high street conveyancing solicitor in Heathrow. What do I do now? When do I get the mortgage application with Bank of Ireland started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Heathrow conveyancing search charges, etc). First, you must check that your property lawyer is on the Bank of Ireland conveyancing panel. Concerning the next stages this very much dictated by the circumstances of your case, motivation for the property and on the state of the market. In a rising market the majority of purchasers would apply for a home loan with Bank of Ireland and pay for the valuation and only if it comes back ok would they pay their property lawyer to move forward with searches.
I need some quick conveyancing in Heathrow as I am under pressure to complete in less than one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free buyer you are at free not to have searches conducted although no solicitor would recommend that you don't. Drawing on years of experience of conveyancing in Heathrow the following are examples of what can appear and adversely affect future saleability: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
The deeds to our home are lost. The conveyancers who handled the conveyancing in Heathrow 10 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your conveyancer will know precisely where to find all the suitable paperwork so you may purchase or dispose of your house without any difficulty. If copies are not available, your lawyer may be able to put in place insurance or indemnities protecting you against future claims on the property.
I'm purchasing my first flat in Heathrow benefiting from help to buy. The sellers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not inform my conveyancer about the deal as it may adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.