My wife and I are only a couple days away from an exchange on a house in Dunchurch and my mum and dad have transferred the exchange deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The property lawyer is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold premises in Dunchurch yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Dunchurch and has limited impact for conveyancing in Dunchurch but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are hoping to buy a newbuild flat in Dunchurch with a residential mortgage from Virgin Money.We use our Dunchurch conveyancing practitioner but Virgin Money says her practice is not listed on their "panel". We have to appoint a Virgin Money panel solicitor or keep our preferred solicitor and fork out for a Virgin Money panel lawyer to represent them. This seems very unfair; 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 solicitors needs to be on the Virgin Money approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Virgin Money
We are purchasing a apartment in Dunchurch. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to send our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am expecting a DIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Dunchurch solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Dunchurch solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I recently had an offer accepted on a house in Dunchurch. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £225. A couple of days later, the property lawyer called me embarrassingly acknowledging that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am buying my first flat in Dunchurch with a mortgage from Chelsea Building Society. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it would affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been sourcing a conveyancing solicitor in Dunchurch for my remortgage. Can I see a firm’s complaints history with the profession’s regulator?
Anyone can review published Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator may recorded call for training requirements.