A few conveyancing questions

debbie1990

Hey everyone I hope you can help. On 13th May we received our formal mortgage offer from Halifax which we were delighted with. We're buying a new build house and participating in Help to Buy Scotland (equity loan). The house will be ready by 6th June which I thought is ideal for a move in date as I have that week's holiday from work for my birthday too.

I contacted my solicitor yesterday who said it will be more like 4-6 weeks for her to complete all of her work. Why does conveyancing take so long? I just want to get moved in!

Also, our 5% deposit was a gift from my partner's gran which my broker knew about. We had to get her to sign a letter to send to Halifax. My solicitor is now saying she has to contact Halifax to make sure they are still happy to lend the money knowing that the deposit is gifted. Halifax know this, though! Am I just worrying over nothing or can Halifax now withdraw our offer, or is it just a formality?

Thrugelmir

debbie1990 wrote: »

Why does conveyancing take so long?

In order that there's time for the lender to receive all the assurances it requires in order to release the money. After all it is the bank that's funding the purchase not you.

kingstreet

Halifax does not request the gifted deposit documents. The broker informs them there's a gifted deposit, but the solicitor is responsible for ensuring the necessary documentation is collected and the money laundering rules followed.