My wife and I are only a couple days away from an exchange on a flat in Aldermanbury and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The conveyancer is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know concerning purchase conveyancing in Aldermanbury?
You may not hear this from too many lawyers but conveyancing in Aldermanbury or throughout London is often a confrontational process. Put another way, when it comes to conveyancing there exists lots of room for friction between you and others involved in the transaction. E.g., the seller, estate agent and sometimes your lender. Selecting a lawyer for your conveyancing in Aldermanbury should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the legal process whose role it is to look after your legal interests and to protect you.
On occasion a potential adversary will try and persuade you that you should follow their advice. For example, the property agent may claim to be assisting by claiming that your conveyancer is wrong. Or your financial adviser may try to convince you to do take action that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I have been told that property searches are the main cause of stalling in Aldermanbury conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Aldermanbury.
2 months have gone by following my purchase conveyancing in Aldermanbury took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a conveyancing lawyer in Aldermanbury for my remortgage. Is it possible to check a solicitor's complaints history with the legal regulator?
You can read presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The SRA could monitor call for training reasons.