My husband and I are only a couple days away from an exchange on a flat in Cornwall and my parents have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary 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 funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
As a FTB what is the most important piece of guidance you can impart concerning purchase conveyancing in Cornwall?
Not many law firms shout this from the rooftops but conveyancing in Cornwall and elsewhere in England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is lots of room for friction between you and other parties involved in the legal transfer of property. E.g., the vendor, property agent and sometimes a bank. Selecting a law firm for your conveyancing in Cornwall an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to protect your legal interests and to protect you.
There is a worrying ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You should always trust your solicitor ahead of all other players when it comes to the legal assignment of property.
My friend advised me that if I am purchasing in Cornwall I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Cornwall conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Cornwall around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cornwall Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Cornwall.
I am buying a new build house in Cornwall benefiting from help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not disclose to my lawyer about the side-deal as it could adversely affect my mortgage with the lender. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Cornwall I like with a park and railway links in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Cornwall for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I need to instruct a conveyancing solicitor for some conveyancing in Cornwall. I have stumble across a site which appears to be the perfect offering If there is a chance to get all formalities done via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?