My wife and I are approaching an exchange on a property in Truro and my mum and dad have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have justbecome aware that Arc property Solicitors have been shut down. They conducted my conveyancing in Truro for a purchase of a freehold house 18 months ago. How can I check that my home is not still registered in the name of the previous owner?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Truro conveyancing specialists.
How does conveyancing in Truro differ for new build properties?
Most buyers of new build residence in Truro contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Truro tend to buy the land, 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 used to new build conveyancing in Truro or who has acted in the same development.
Is it best to instruct a Truro conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can deal with the legal formalities but her office is a couple of hundredmiles drive away.
The benefit of a high street Truro conveyancing firm is that you can pop in to execute documents, present your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and they were impressed that should outweigh using an unknown Truro conveyancing solicitor solely due to them being local.
Do you have any advice for leasehold conveyancing in Truro from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Truro can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing. A minority of Truro leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a new share certificate can be a time consuming formality and slows down many a Truro home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
Leasehold Conveyancing in Truro - A selection of Questions you should consider before Purchasing
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Is the freehold owned collectively by the tenants? What is the name of the managing agents? Make sure you investigate if there are any onerous restrictions in the lease. By way of example it is reasonably common in Truro leases that pets are not allowed in certain buildings in Truro. If you like the propertyin Truro yet your dog is not allowed to live with you then you will be presented with a hard determination.
Our sealed bid on property in Truro was agreed to, but there is a chain. The sellers have offered on a flat, but it’s not yet tied up, and are looking at other properties booked. I have chosen a nearby conveyancing lawyer in Truro. What do I do now? When should I get the mortgage application with Principality started with Principality?
It is standard to have apprehensions where there is an associated chain given your reluctance to incur costs prematurely (mortgage application is in the region of £1k, then valuation, Truro conveyancing search fees, etc). The first thing to do is ensure that your solicitor is on the Principality approved list. Regarding the subsequent stages this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. In a rising market the majority of buyers will apply for the mortgage with Principality and pay for the survey and only if it was satisfactory would they ask their property lawyer to move forward with the conveyancing in Truro.