My husband and I are nearing an exchange on a property in Acocks Green and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this 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 coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is duty bound to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold premises in Acocks Green yet charged rent, why is this and what is this?
It is rare for properties in Acocks Green and has limited impact for conveyancing in Acocks Green but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am being advised by my lawyer that flying freehold insurance is required on my purchase. What is the level of cover for Acocks Green conveyancing?
The appropriate level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Santander and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
The mortgage over my property is with Co-operative for my property in Acocks Green. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat 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?
You must advise Co-operative prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent 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 firm.
I have instructed a Acocks Green lawyer having made sure that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Acocks Green postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Acocks Green.
My wife and I are selling our house in Acocks Green and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any high street Acocks Green conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used a nationwide conveyancing practice as opposed to a conveyancing solicitor in Acocks Green. Having lived in Acocks Green for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying my first flat in Acocks Green benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not to tell my conveyancer about the extras as it may adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My husband and I are 14 days into a residential purchase having been recommend to solicitors by the high street agent to execute conveyancing in Acocks Green. We are not happy. Can you you assist me in finding new solicitors?
They would have to be very poor in order to consider diss instructing them. Has your loan offer been sent? If so you need to make them aware of the new solicitor and have the loan are issued to the new lawyers. Your new conveyancer should be on the mortgage company approved list to avoid added fees and complications. So that should be your starting point. Our search tool can help you find a bank approved solicitor for your home move in Acocks Green