My husband and I are approaching an exchange on a house in Ladywell and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The lawyer is obliged to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Ladywell?
Where you are retaining lawyers for conveyancing in Ladywell your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the sale price then this should be required immediately in advance of contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
My relative advised me that where I am purchasing in Ladywell I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Ladywell conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Ladywell around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ladywell Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Ladywell.
I'm purchasing my first flat in Ladywell benefiting from help to buy. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not to tell my lawyer about the extras as it will put at risk my loan with Accord Mortgages Ltd. 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.
I opted to have a survey completed on a house in Ladywell in advance of retaining lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will not grant a mortgage on such a home.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ladywell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ladywell to see if the conveyancing will be more expensive.
My wife and I have an offer in principle from Coventry Building Society who said we could borrow up to £400k. At what point do I need to appoint a practitioner for conveyancing? Ladywell is where we plan to move to.
You can instruct a lawyer now so that the solicitor can open the ledger so they can do the AML checks etc. Once you wish them to start work you will be asked for a payment on account normally approximately £200. That would normally be after you have the mortgage offer and survey report, but if you wish to expedite matters you can start sooner albeit risking some money.