We are approaching an exchange on a property in Hoole and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my conveyancer needs to disclose this 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 not just from me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The solicitor is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
is it true that all Hoole solicitors on the TSB conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the TSB approved list of solicitors they would need to be governed by the SRA. Many lenders do allow licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Hoole solicitor on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
Virgin Money have agreed my home loan in principle, my bid on a property in Hoole has been accepted, what are the next steps?
The property agent will want to be advised as to your solicitor's details (make sure the conveyancers are on the bank’s approved list). Call up Virgin Money or the broker and finish off any relevant documentation. Virgin Money will appoint a valuer who will get in contact with the selling agent or owners to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Virgin Money will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hoole.
I require quick conveyancing in Hoole as I am faced with an ultimatum to complete within one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not getting a home loan you are at free not to have searches carried out although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in Hoole the following are instances of what can appear and therefore affect future mortgageability: Enforcement Notices, Overdue Fees, Outstanding Grants, Railway Schemes,...
Me and my brother own a renovated Edwardian property in Hoole. Conveyancing solicitor represented me and Virgin Money. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the matching property. Is it worth asking Virgin Money to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hoole and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who carried out the work.
How does conveyancing in Hoole differ for newly converted properties?
Most buyers of new build residence in Hoole contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Hoole usually acquire 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 conveyancing solicitors 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 Hoole or who has acted in the same development.
I am thinking of appointing a conveyancing practitioner in Hoole for my house move. Is it possible to review a solicitor's record with the legal regulator?
Anyone may find documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator may monitor telephone calls for training requirements.