We are approaching an exchange on a flat in Thamesmead and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. 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 disclosed to the mortgage company 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 lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We're in Thamesmead, First time buyers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it the case that all Thamesmead solicitors on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do list licenced conveyancers on their panel and in that case the practice would be regulated by the CLC.
I had a mortgage agreed in principle with Clydesdale. Thamesmead conveyancing lawyers are chosen. How long does it take for Clydesdale to send the offer to the lawyer?
There is no definitive answer here. Have Clydesdale conducted the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Our sealed bid on a property in Thamesmead has been accepted, but there is a chain. The sellers have placed an offer on somewhere, however it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Thamesmead. What do I do now? When should I get the mortgage application with Nationwide going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Thamesmead conveyancing search costs, etc). First, you must check that your lawyer is on the Nationwide conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your case, attraction to this property and on the state of the market. During a buoyant market some home buyers would apply for a home loan with Nationwide and pay for the valuation and only if it comes back ok would they request their conveyancer to proceed with the conveyancing in Thamesmead.
What does a local search tell me concerning the house we're purchasing in Thamesmead?
Thamesmead conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Thamesmead conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Thamesmead is the location of the property. Can you shed any light on this issue?
Flying freeholds in Thamesmead are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thamesmead you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thamesmead may ascertain 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.
I am about to complete buying a house in Thamesmead but as a result of damage from the recent storms I have negotiated compensation from the vendor of £3k taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet the mortgage company will not permit this. Why were they notified?
Any lawyer being on the mortgage company approved list is duty bound to inform the mortgage company of any changes to the purchase amount. In the event that you did not allow your conveyancer to disclose the price change to your bank then they would need to refrain from representing you and the lender.