My wife and I are only a couple days away from an exchange on a flat in Darlington and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We are selling our flat in Darlington. Does my property lawyer have to be required to be on the Nottingham conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Nottingham conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Darlington?
There are many registered licenced Conveyancers in Darlington and Solicitor partnerships in Darlington to choose from We would stress that the two are regulated professionals specialising in the legal work in transferring property. The two can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
When it comes to lenders such as Yorkshire BS, do Darlington solicitors face a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We previously instructed conveyancing lawyers with offices in Darlington on the Lloyds solicitor approved list. They have just invoiced me an additional sum for handling the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not set by Lloyds but by your Darlington conveyancer. Plenty of firms on the Lloyds panel will charge an ‘acting for lender’ fee and others do not.
I am buying my first flat in Darlington with a loan from Norwich and Peterborough Building Society. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about the extras as it will put at risk my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
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 £195,000 and found one round the corner in Darlington I like with amenity areas and transport links nearby, however it only has 52 years on the lease. There is not much else in Darlington suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could 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 term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
My in 2008. He has got married, divorced and is now remarried. He will be marketing the apartment in a couple of months. I suspect that he will simply be requested to provide a copy of his marriage certificates to the lawyer however he is worried it could frustrate the conveyancing. Should he instruct a conveyancer to update the land title documents for the house?
It is not absolutely necessary to bring up to date the register providing you have the evidence required to demonstrate how the name change occurred.
Any purchaser’s property lawyer will examine the registered details and ask for evidence to prove the name change for example marriage certificates.