We are only a couple days away from an exchange on a house in Downham and my mum and dad have transferred the ten percent deposit to my solicitor. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this 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 lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The solicitor is duty bound to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I have been told that property searches are the number one cause of obstruction in Downham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Downham.
I have a terraced Victorian house in Downham. Conveyancing practitioner acted for me and TSB. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Downham and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who conducted the conveyancing.
I'm purchasing my first flat in Downham with a mortgage from Santander. The developers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about the side-deal as it will put at risk my mortgage 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.
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At this site secure a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Downham. As opposed to estate agents and brokerage sites we do not charge firms a fee if you appoint them for your home move in Downham
I am 17 days into a residential purchase having been referred to conveyancers by the local agent to perform conveyancing in Downham. We are not happy. Could you help me find new conveyancers?
They would have to be very bad to suggest replacing them. Has your loan offer been issued? In the event that it has you must make them aware of the replacement lawyer and ensure the offer are re-sent. Your conveyancer needs to be on the lenders panel to avoid added costs and complications. So that should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a lender approved solicitor for your home move in Downham