I am nearing an exchange on a house in Rainham and my mum and dad have sent the exchange deposit to my property lawyer. I am now informed that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The solicitor is duty bound 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 lender if you agree, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Rainham is more expensive?
In short, leasehold conveyancing in Rainham and elsewhere usually necessitates more due diligence compared to freehold conveyancing. This includes lease investigation, communicating with the landlord about the service of applicable notices, procuring current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We are purchasing a flat in Rainham. It might be a silly question but how we can trust a conveyancer? On completion day we have to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is it the case that all Rainham solicitors on the Virgin Money conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the SRA. The majority of banks do allow licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
We expect to receive a DIP from RBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Rainham solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Rainham solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I'm buying my first flat in Rainham with the aid of help to buy. The sellers refused to reduce the price so I negotiated 6k of extras instead. The house builders rep advised me not to tell my conveyancer about this deal as it may affect my loan with Britannia. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Rainham is where the house is located. Can you offer any guidance?
Flying freeholds in Rainham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rainham you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rainham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My 20yr old son is just in the process of moving house, he had his mortgage in principle. One the seller agreed the offer on the house we contacted the mortgage institution to move forward with his. I was very surprised to learn that mortgage companies do not accept all conveyancer, they have to be on a list, is this legal?
Banks tend to imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Rainham conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.