I am approaching an exchange on a house in Stockton on Tees and my mum and dad have sent the 10% deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stockton on Tees? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your solicitor will not be able to take you on as a client.
I am considering mortgaging my flat in Stockton on Tees, does my lawyer need to be on the UBS Conveyancing panel?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
It has been five months following my purchase conveyancing in Stockton on Tees took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Stockton on Tees is the location of the property. Can you offer any guidance?
Flying freeholds in Stockton on Tees are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stockton on Tees you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stockton on Tees may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We are looking to purchase a repression flat in Stockton on Tees and the mortgagee in possession would like to complete within 28 days. Can a solicitor meet that timeframe? Would it be better to instruct a high street Stockton on Tees firm or an online company that professes to offer speedy conveyancing?
Visit your Stockton on Tees high street. Pop in to 3 companies and ask to see a conveyancing solicitor for a quote. Discuss your requirements and try and obtain a commitment on speed. Appoint the firm that seems most genuine. Be sure to choose a conveyancing practitioner on the panel of lawyers acceptable to your mortgage company.