I am approaching an exchange on a house in Gorseinon and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The property lawyer is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
As I am unsure how the conveyancing process works what is the most important number one tip you can give me concerning purchase conveyancing in Gorseinon?
Not many law firms or advisers will tell you this but conveyancing in Gorseinon and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the transaction. For instance, the seller, property agent and on occasion your bank. Selecting a law firm for your conveyancing in Gorseinon is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose interest is to act in your best interests and to protect you.
On occasion a third party with a vested interest will attempt to persuade you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by claiming that your lawyer is wrong. Or your financial adviser may tell you to do take action that is against your solicitors advice. You should always trust your lawyer above all other parties in the conveyancing process.
Are there restrictive covenants that are commonly identified as part of conveyancing in Gorseinon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Gorseinon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Gorseinon with a loan from Halifax. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this extras as it could impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Gorseinon is where the house is located. Can you offer any guidance?
Flying freeholds in Gorseinon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Gorseinon you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gorseinon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to find a conveyancing solicitor for remortgage conveyancing in Gorseinon. I've stumble across a site which looks to be the perfect answer If it is possible to get all formalities done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?