We are getting closer to an exchange on a property in Easton and my parents have transferred the exchange deposit to my property lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have been recommended a conveyancing solicitor in Easton. I need to find out whether they are on the Accord Mortgages Ltd conveyancing panel. Could you assist?
The first thing you should do is call your lawyer and ask them if they can act for the lender. Otherwise you can call Accord Mortgages Ltd who may be able to help.
Are all Easton Conveyancing Quality Solicitors on the Nottingham conveyancing list of approved firms?
It is true that some lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s 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 firms wishing to join their approved list of conveyancing solicitors.
I can not fathom if my bank requires a lease extension. I have telephoned my Easton bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Easton conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the lender approved list, she or he must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told four weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Easton is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a property in Easton? or I am told that there is a law dating back centuries that means some house owners residing in a parish church boundary will be compelled to pay for maintenance to the chancel within the church. Is this a legitimate concern for conveyancing in Easton?
Unless a prior acquisition of the premises took place post 12 October 2013 you can assume that lawyers carrying out conveyancing in Easton to remain encouraging a chancel search and or chancel repair liability insurance.
I'm buying a new build house in Easton with a mortgage from Nationwide Building Society. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not inform my solicitor about this deal as it may impact my loan with Nationwide Building Society. Should I keep quiet?.
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.
20 days into buying a house in Easton. Conveyancing lawyer has told us the property is "Leasehold". Will this likely make a difference on our Halifax valuation?
Easton conveyancing does not normally involve leasehold houses. The crucial factor here is the unexpired lease term and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the saleability too much.
At the other extreme, if it's, say, Sixty years it will have a material effect on the value, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease provided to your conveyancer.