I am only a couple days away from an exchange on a property in St Margarets and my mum and dad have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do conveyancers request money on account for conveyancing in St Margarets?
If you are buying a property in St Margarets your lawyer will ask you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the total price then this should be required immediately before contracts are exchanged. The final balance that is due should be transferred a few days ahead of the completion date.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in St Margarets?
Two types of professional can carry out conveyancing in St Margarets namely CLC regulated conveyancers or solicitors. Both professionals administer the legal services that you need to complete the disposal or purchase of property. Both are duty bound to execute St Margarets conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be properly administered and that all necessary procedures will be appropriately followed.
I just bought a flat at auction in St Margarets. Conveyancing is required. What is next?
Now that you have exchanged you will need to choose a conveyancing solicitor as a matter of priority as you are faced with a pending deadline in which to complete the property. All auction property will ordinarily have a bespoke legal pack. This should include most,if not all of the documents that your conveyancer will need. If you have purchased leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must pass this on to the solicitor instructed by you ASAP. You also need to ensure that you have funds in place to complete on the on the contractual date .
Can you point me to a directory of Nottingham panel conveyancers in St Margarets on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings visible online. If you are in need of a St Margarets conveyancing practitioner on the Nottingham please use our tool.
My wife and I own a 4 bedroom Georgian house in St Margarets. Conveyancing solicitor represented me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Clydesdale 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Margarets and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the purchase.
I opted to have a survey carried out on a property in St Margarets before retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will not give a loan on such a home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Margarets. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Margarets to see if the conveyancing costs will increase in light of this.
My conveyancers in St Margarets have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.