I am only a couple days away from an exchange on a flat in Markfield and my parents have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise 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 him to raise this?
The conveyancer is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
We are planning to acquire a property and require a conveyancing solicitor in Markfield who is on the Leeds Building Society solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Markfield.
What does a local search inform me regarding the house we're buying in Markfield?
Markfield conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search is essential in every Markfield conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will reveal data 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 topic sections.
Due to the advice of my in-laws I had a survey completed on a house in Markfield prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks will refuse to give a loan on such a property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Markfield. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I have had DIP from Leeds Building Society who suggested we could borrow up to £400k. When do we need to instruct a lawyer for conveyancing? Markfield is where we are .
You can appoint a conveyancer now so that the conveyancer can open the ledger so they can do their AML checks etc. As and when you wish them to start work you will be asked for a deposit normally about £225. That would generally be after you have the mortgage offer and survey report, nevertheless if you want to speed the process you can get going sooner even though you may be risking some money.