My partner and I are getting closer to an exchange on a property in Leicester and my mum and dad have sent the ten percent deposit to my property lawyer. 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 inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your conveyancer is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Will my conveyancer be making enquiries about flooding as part of the conveyancing in Leicester.
Flooding is a growing risk for solicitors specialising in conveyancing in Leicester. Some people will buy a house in Leicester, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Leicester. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to find out if the premises has ever been flooded. If the premises has been flooded in past and is not revealed by the vendor, then a buyer could commence a claim for damages resulting from an incorrect answer. The purchaser’s solicitors should also order an enviro report. This will higlight whether there is a recorded flood risk. If so, additional inquiries should be carried out.
I'm purchasing my first flat in Leicester with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my conveyancer about this extras as it may jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Leicester is the location of the property. Can you shed any light on this issue?
Flying freeholds in Leicester are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leicester you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leicester 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.
In my capacity as executor for the estate of my grandfather I am disposing of a residence in Swansea but I am based in Leicester. My lawyer (approximately 260 miles awayhas requested that I sign a statutory declaration ahead of completion. Could you suggest a conveyancing lawyer in Leicester who can witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are located in Leicester
Our conveyancer in Leicester has identified a a problem with the lease for the flat we are purchasing in Leicester. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Leicester conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company