House conveyancing for a sale of a property the process is started when the seller’s conveyancer sends the contract pack containing the legal title.
On house conveyancing transactions, the solicitor carries out relevant checks and sends the documents for their clients to sign, deals with enquiries, and prepares files for exchange.
On a house conveyancing transaction where the property is leasehold, the solicitor contacts the management company(s) to obtain the procedure for the leasehold pack, this is part of the document the seller’s conveyancer provides to move the transaction. There may be instances where a pack is required on a freehold property.
The house conveyancing transaction finishes when enquiries are satisfied, and buyers’ solicitors confirm they are ready to exchange, then a completion date is agreed.
House conveyancing for the purchase of a property, the buyer’s conveyancer raises enquiries once the relevant information is received from the seller’s solicitor and searches.
Where there is a mortgage, the solicitor represents the lender.
The final step of a house conveyancing for a purchase before the exchange of contracts is when the solicitor sends the report on title with documents to sign and requests a deposit.
The exchange date is when contracts become legally binding for you to sell or buy.
The completion date is the final day of the house conveyancing process, the completion funds are transferred between solicitors and the day keys are released.
Therefore, it is crucial to select a trusted conveyancing solicitor in London when making property transactions. AVRillo is the number one conveyancing solicitor in Leicester which offers conveyancing services in all of the UK.
What is a gifted deposit mortgage?
A gifted deposit mortgage is when the lender is informed the borrower is receiving the money to fund the purchase.
A gifted deposit is not a loan and it is a non-repayable gift where the person gifting the deposit will not be given any stake in the property in return or be repaid.
Gifted deposit mortgage is when the bank accepts gift money coming from a family member such as parents and grants a mortgage offer in principle on the basis of this. Lenders don’t usually proceed with a gifted deposit mortgage where the gift money is not from a family member, the conditions will need to be checked with the lender.
How to get a gifted deposit mortgage
You will need to inform the lender and your solicitor at the start of the transaction or application that part of your deposit is coming from an individual who will not be a registered owner of the property.
Before a lender grants a gifted deposit mortgage, they will carry out anti-money laundering checks, requiring you to provide evidence it is a gift. The lender will also require the Solicitor to obtain signed documents, obtain an indemnity for insolvency and carry out further checks on the funds.
