I am only a couple days away from an exchange on a flat in Southsea and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my lawyer 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 disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a post code search directory listing firms on the Coventry BS conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Southsea?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Southsea.
Our lender has suggested a law firm on their panel based in Southsea but I would rather use a conveyancing lawyer in Southsea local to me. Are you able to assist?
Far from all Southsea conveyancing solicitors are on all banks conveyancing panel. Use our search tool to locate a Southsea conveyancing firm on the on the lender panel.
I have been told that property searches are the main cause of obstruction in Southsea conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Southsea.
Due to the encouragement of my in-laws I had a survey completed on a property in Southsea in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks tend refuse to issue a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Southsea. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it true that a Southsea conveyancing firm got sued by a client for failing to conduct the appropriate conveyancing investigations?
We are not aware of such a Southsea conveyancing matter but it has been reported that, clients purchasing a home in Cumbria successfully won a case against their conveyancer as a consequence of development plans to construct a wind farm not being identified in conveyancing searches.
If you are thinking of buying a home in Southsea It is critical that your solicitor purchase all Southsea conveyancing searches needed to ensure you have relevant and up to date information before acquiring a home in Southsea.