My wife and I are nearing an exchange on a property in Craven Arms and my parents have transferred the exchange deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We wish to acquire a newbuild flat in Craven Arms with a homeloan from Alliance & Leicester .We would like to retain our Craven Arms conveyancing solicitor but Alliance & Leicester advised that she’s not listed on their "panel". It seems we have no choice but to instruct a Alliance & Leicester panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the Alliance & Leicester conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Alliance & Leicester
I am helping my aunt sell her property in Craven Arms. Will the conveyancing solicitor commission an EPC or it is for me to coordinate?
After the demise of Home Packs, energy performance certificates was left as a mandatory component of moving house. An EPC must be commissioned in advance of the property being advertised. This is not a task that lawyers ordinarily organise. If you are using a Craven Arms conveyancing lawyer they might be able to arrange energy performance certificates due to their contacts with reputable Craven Arms energy assessors
Are all Craven Arms Conveyancing Quality Solicitors on the Clydesdale conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
It is unclear whether my lender requires a lease extension. I have called into my local Craven Arms bank branch on various occasions and was informed it wasn't a problem and they will lend. My Craven Arms conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancer is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have todayfound out that Stirling Law have been shut down. They carried out my conveyancing in Craven Arms for a purchase of a freehold house 9 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Craven Arms conveyancing specialists.
How does conveyancing in Craven Arms differ for newly converted properties?
Most buyers of new build property in Craven Arms approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Craven Arms tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Craven Arms or who has acted in the same development.
I decided to have a survey done on a house in Craven Arms ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks will refuse to issue a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Craven Arms. Conveyancing will be smoother if you use a solicitor in Craven Arms especially if they are acquainted with such properties in Craven Arms.