My partner and I are approaching an exchange on a property in Southwold and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. I am advised that, 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 bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your conveyancer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My father informed me that in purchasing a property in Southwold there could be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Southwold which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Southwold should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the single recipient of my late father’s estate with all property in now in my sole name, including the house in Southwold. The Southwold property was put into my name in May. I want to move. I do know about the CML six month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in May. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How sensible a view banks take of it, depend on the bank as this provision is chiefly there to identify subsales or the flipping of property.
Is it the case that all Southwold CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing panel?
A selection of banks and building societies now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
Will my conveyancer be making enquiries concerning flooding as part of the conveyancing in Southwold.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Southwold. There are those who acquire a property in Southwold, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or by their solicitors which will figure out the risks in Southwold. The standard property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to find out whether the property has historically flooded. If the residence has been flooded in past which is not disclosed by the vendor, then a buyer could bring a legal claim for losses resulting from an incorrect response. A buyer’s solicitors should also order an environmental report. This will reveal if there is any known flood risk. If so, further inquiries will need to be initiated.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Southwold?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Southwold. 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…’
I'm refinancing my current property to a buy to let loan with Accord Mortgages Ltd and intend to use the remaining equity as a down payment on further house. The location we are talking about is Southwold. Will your lawyers be able to act for the two lenders and tie in the two deals?
Make use of our search tool on this site to be sure that the lawyers are approved by both banks. Assuming that they are the lawyer will be able to simultaneously deal with the two transactions but you should talk with you solicitor and make clear your desired outcome and needs.
I am using a search engine for the term cheap conveyancing in Southwold it reveals many property lawyersin the area. How do I determine which is the suitable property lawyer for my move?
The best method of seeking a suitable conveyancer is via personal recommendation, so ask friends and those you trust who have bought a property in Southwold or the reputable estate agent or mortgage broker. Fees for conveyancing in Southwold vary, so it's a good idea to obtain a minimum of four costs illustrations from varying types of law firms. Make sure that you clarify what costs in the quote includes.