My wife and I are getting closer to an exchange on a property in Torrington and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The lawyer is obliged to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Does a directory service exist listing Coventry BS panel solicitors in Torrington on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. Very few lending institutions make their panel listings visible on the web. Where you are seeking to appoint a Torrington lawyer on the Coventry BS please make the most of our tool.
We are getting a further advance on our mortgage from HSBC as we want to carry out renovations to our property in Torrington. Do we need to choose a local Torrington solicitor on the HSBC conveyancing panel to deal with the paperwork?
HSBC do not ordinarily require firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC list.
Santander have agreed my mortgage in principle, my offer on a flat in Torrington has been accepted, now what?
The property agent will wish to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Call up Santander or your financial adviser and complete any appropriate forms. Santander will sellect a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Santander will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Torrington.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Torrington I like with open areas and railway links nearby, however it only has 61 remaining years left on the lease. There is not much else in Torrington for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Am I right to be suspicious by 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a local Torrington conveyancing practice?
As is the case with many service providers, often suggestions from connections can be very helpful. Yet there are many players in a conveyancing deal; estate agents, financial adviser and mortgage companies may put forward lawyers to select. Sometimes these lawyers might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the recommendation. You are at liberty to choose your preferred lawyer. You need to be aware that most banks operate an approved list of solicitors you have to use for the lender aspect of your transaction.
Am I best advised to instruct a Torrington conveyancing practitioner who is local to the property I am hoping to buy? An old friend can deal with the legal formalities but her office is over three hundred miles away.
The benefit of a local Torrington conveyancing practice is that you can visit the firm to execute paperwork, present your ID and apply pressure on them if necessary. Having local Torrington know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must trump using an unfamiliar Torrington conveyancing solicitor just because they are local.