My husband and I are getting closer to an exchange on a property in Alfreton and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my bank. Apparently, 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 about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
My property lawyer in Alfreton has never been on on the Accord Mortgages Ltd Approved Panel. Can I still continue with my prefered solicitor even though they are not on the Accord Mortgages Ltd list of approved lawyers?
Your options are as follows:
- Complete the purchase with your existing Alfreton lawyers but Accord Mortgages Ltd will need to instruct a lawyer on their list of acceptable firms. This will result in additional total legal fees and cause frustration.
- Find a new practitioner to act in the purchase, not forgetting to check they are Accord Mortgages Ltd approved.
- Persuade your Accord Mortgages Ltd solicitor to seek to join the Accord Mortgages Ltd panel
I am the only recipient of my late mum's estate and I have everything in my name alone, including the house in Alfreton. The Alfreton property was put into my name in May. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be treated the same way as though I had purchased the house in May. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most lenders would take a pragmatic view as this provision is chiefly there to pick up on the purchase and immediately sell or the flipping of properties.
Is it the case that all Alfreton CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved solicitors?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Barclays are being pedantic. The Alfreton solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm buying a new build house in Alfreton with the aid of help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not reveal to my conveyancer about the extras as it will impact my loan with Clydesdale. 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.
I am looking for a flat up to £195,000 and identified one close by in Alfreton I like with open areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Alfreton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
How and when do I cover the costs of the Stamp Duty Land Tax chargeable for my conveyancing in Alfreton?
The majority of conveyancing practitioners will complete a Land Transaction Return Form on your behalf as part of your Alfreton purchase transaction for signature. After completion your property lawyer will submit your STL Return Form to the Inland Revenue and - as long as they have the funds - pay any land tax payable on your behalf.