My partner and I are getting closer to an exchange on a house in Garndolbenmaen and my parents have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The solicitor is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Garndolbenmaen?
Two types of professional can perform conveyancing in Garndolbenmaen namely licenced conveyancers or solicitors. The two can administer conveyancing services that you need to complete the sale or purchase of property. They are both duty bound to carry out Garndolbenmaen conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be properly carried out and that the necessary steps should be appropriately taken.
My partner and I are at the point of looking at houses in Garndolbenmaen and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I am planning to take a mortgage with Co-operative.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
The mortgage over my property is with Co-operative for my property in Garndolbenmaen. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Co-operative must be informed of your intention in advance of renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
A colleague advised me that if I am purchasing in Garndolbenmaen I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Garndolbenmaen conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Garndolbenmaen around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Garndolbenmaen.
Are there restrictive covenants that are commonly identified as part of conveyancing in Garndolbenmaen?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Garndolbenmaen. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Should I stop the direct debit for my mortgage with Leeds Building Society once a completion date for my sale in Garndolbenmaen has been agreed?
No, you must continue paying any mortgage payments to Leeds Building Society until the mortgage is redeemed on completion as part of your Garndolbenmaen conveyancing.