My partner and I are approaching an exchange on a flat in Chepstow and my parents have sent the exchange deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding 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 check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My aunt pointed out to me me that in purchasing a property in Chepstow there could be various restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are anumerous of properties in Chepstow which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Chepstow should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the only beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Chepstow. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the house in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation is primarily there to pick up on subsales or the quick reselling of property.
Does a directory service exist listing Nationwide panel solicitors in Chepstow on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings viewable online. Where you are in need of a Chepstow conveyancer on the Nationwide please make the most of our facility.
I have been told that property searches are the main reason for obstruction in Chepstow conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Chepstow.
Due to the advice of my in-laws I had a survey completed on a house in Chepstow ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some banks will not give a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chepstow. Conveyancing may be slightly more expensive based on your lender's requirements.
I am 3 weeks into a freehold purchase having been recommend to a firm by the selling agent to handle our conveyancing in Chepstow. I am am extremely disappointed with the quality of service. Can you you assist me in finding new conveyancers?
They would have to be really poor to suggest replacing them. Has the mortgage been generated? In the event that it has you will need to advise them of the new solicitor and have the offer are re-sent. Your solicitor ideally needs to be on the mortgage company panel to avoid added charges and complications. So that should be your starting point. The find a solicitor tool will assist you in finding a bank approved lawyer for your conveyancing in Chepstow
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.