I am approaching an exchange on a property in New Milton and my mum and dad have sent the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancer is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a property in New Milton?
Unless a prior purchase of the premises completed post 12 October 2013 you could expect lawyers handling conveyancing in New Milton to continue to propose a a chancel search and or chancel repair liability policy.
I'm purchasing my first flat in New Milton with a mortgage from Aldermore. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about this deal as it will put at risk my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. New Milton is where the house is located. Can you offer any guidance?
Flying freeholds in New Milton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Milton you must be sure that your lawyer goes 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 New Milton 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.
What tools are available to identify a New Milton law firm on the Bank of Ireland conveyancing panel? I drive a motor bike and am willing to travel upto 20miles to meet the solicitor.
Feel free to make use of the tool on this website. Please choose the mortgage company and your location and you will see a number of New Milton conveyancing lawyers based on proximity. We have detailed some New Milton conveyancing firms towards the end of this page and you can call them to see if they are on the Bank of Ireland approved list
We are four weeks into a freehold purchase having been directed to solicitors by the local agent to execute conveyancing in New Milton. I am am extremely frustrated with the level of service. Can you help me find new lawyers?
A lawyer would have to be very bad to suggest replacing them. Has the mortgage offer been sent? In the event that it has you will need to advise them of the replacement solicitor and ensure the offer are issued to the new lawyers. The solicitor ideally needs to be on the mortgage company panel to avoid supplemental costs and complications. That should be your first question of the new solicitors. The search tool will assist you in finding a bank approved solicitor for your home move in New Milton