My husband and I are getting closer to an exchange on a flat in Preston Park and my parents have transferred the exchange deposit to my conveyancer. 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 coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We are planning to acquire a flat and need a conveyancing solicitor in Preston Park who is on the HSBC solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Preston Park.
We're in Preston Park, FTBs buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We have a mortgage agreed in principle with Bank of Ireland. Preston Park conveyancing solicitors have been selected. How long does it take for Bank of Ireland to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have Bank of Ireland conducted the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My offer was accepted on a house in Preston Park on 27/1/2023, valuation was booked 3 days later, all came back fine. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Virgin Money and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Virgin Money conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
After what seems like an age I have had an offer on an apartment in Preston Park agreed to, but there is a chain. The owners have put an offer on on an apartment, however it’s not yet agreed to, and are looking at other apartments booked. I have instructed a nearby conveyancing solicitor in Preston Park. What do I do now? At what stage do I apply for the mortgage with Clydesdale?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Preston Park conveyancing search fees, etc). First, you should ensure that your solicitor is on the Clydesdale conveyancing panel. Regarding the next phase this very much depends on the circumstances of your case, motivation for this property and on the state of the market. In a buoyant market the majority of purchasers would apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they request their lawyer to move forward with searches.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial premises in Preston Park?
Its becoming the norm that commercial conveyancing solicitors in Preston Park will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Preston Park. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Preston Park.
For each commercial conveyancing transaction in Preston Park it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Preston Park commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Preston Park.
Are there restrictive covenants that are commonly picked up during conveyancing in Preston Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Preston Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’