We are nearing an exchange on a property in Temple Fortune and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The lawyer is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Will my conveyancer be making enquiries regarding flooding as part of the conveyancing in Temple Fortune.
Flooding is a growing risk for conveyancers dealing with homes in Temple Fortune. Some people will acquire a house in Temple Fortune, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, but there are a number of checks that may be undertaken by the buyer or by their lawyers which should give them a better appreciation of the risks in Temple Fortune. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to discover if the premises has suffered from flooding. In the event that the residence has been flooded in past and is not notified by the vendor, then a buyer could issue a compensation claim as a result of such an incorrect response. The buyer’s conveyancers should also order an enviro report. This will reveal if there is a recorded flood risk. If so, further investigations should be initiated.
How does conveyancing in Temple Fortune differ for newly converted properties?
Most buyers of new build property in Temple Fortune approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Temple Fortune usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Temple Fortune or who has acted in the same development.
Do I need to be concerned by 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Temple Fortune conveyancing firm?
As with many service providers, often suggestions from connections can be extremely useful or valuable. But there are many parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all recommend conveyancers to select. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to appoint your preferred lawyer. You need to be aware that some mortgage providers specify a panel list of solicitors you must use for the mortgage aspect of your transaction.
As co-executor for the will of my grandfather I am disposing of a house in Cardiff but I am based in Temple Fortune. My solicitor (approximately 260 miles from merequires that I sign a statutory declaration prior to completion. Can you recommend a conveyancing solicitor in Temple Fortune who can witness this legal document for me?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are based in Temple Fortune
Do online conveyancing companies cover everything a local Temple Fortune solicitor does or must I retain a solicitor for the final stages for my conveyancing in Temple Fortune?
Where you choose an online conveyancer they should undertake all the work your Temple Fortune solicitor will cover.