My partner and I are only a couple days away from an exchange on a property in East Finchley and my parents have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. 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 mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for my conveyancing in East Finchley?
If you are buying a property in East Finchley your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this should be asked for immediately prior to exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
Is it necessary to take out insurance to cover chancel repairs when purchasing a house in East Finchley?
Unless a prior acquisition of the premises completed post 12 October 2013 you could take it that solicitors handling conveyancing in East Finchley to continue to recommend a chancel search and or chancel repair liability policy.
I used Arc property Solicitors several years ago for my conveyancing in East Finchley. I now require my papers but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in East Finchley of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing my first flat in East Finchley benefiting from help to buy. The sellers would not budge the amount so I negotiated 6k of additionals instead. The estate agent told me not to tell my solicitor about the side-deal as it may put at risk my loan with the bank. Is this normal?.
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'm remortgaging my primary property to a BTL loan with Barnsley Building Society and intend to use the remaining equity as a deposit on a second property. The location we are interested in is East Finchley. Will your solicitors be able to act for both sets of mortgage companies and link together the two deals?
Make use of our search tool on this page to check that the conveyancers are on the appropriate lender panels. Assuming that they are the solicitor should be able to simultaneously deal with the two deals but you should talk with you lawyer and communicate your expectations and requirements.