I am approaching an exchange on a property in Bulls Cross and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my bank. 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 advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your solicitor is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What happens if my lawyer’s firm is expelled from the Coventry BS Solicitor panel ahead of completing my conveyancing in Bulls Cross?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I used Action Conveyancing several years ago for my conveyancing in Bulls Cross. I now require my papers but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bulls Cross of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying a new build house in Bulls Cross with a mortgage from Leeds Building Society. The sellers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about the extras as it could impact my loan with the bank. Is this normal?.
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.
Due to the advice of my in-laws I had a survey completed on a house in Bulls Cross ahead of retaining conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will not give a loan on such a house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bulls Cross. Conveyancing may be slightly more expensive based on your lender's requirements.
We're novice buyers - had an offer accepted, yet the estate agent advised that the owners will only issue a contract if we appoint their chosen lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Bulls Cross
It is highly unlikely the owners are behind this. Should the owner desire ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are serious purchasers (b)you are ready to go, with finances in place © you are chain free (d) you wish to move quickly (e)but you will continue to use your preferred Bulls Cross conveyancing lawyers - not the ones that will earn the estate agent a commission or hit his conveyancing thresholds demanded by HQ.