I can't travel far from Rye. What is the rationale as to why all Rye conveyancers are not on all bank panels?
As inequitable as it may appear for banks to limit who can act for them, from the public’s or solicitor’s perspective, the flip side is that mortgage companies are becoming ever more anxious and regard it vital to protect them from illegal activities. As a result of this concern lenders have reduced their panel of approved conveyancing lawyers to a size that they are happy to control.
My husband and I are approaching an exchange on a property in Rye and my mum and dad have sent the 10% deposit to my lawyer. I am now told that as the deposit has not come from me my solicitor needs to make a notification to my lender. Apparently, 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 lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is legally required 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 report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Rye is more expensive?
The conveyancing costs on a leasehold property in Rye is often more expensive than on a freehold property. This is because there is an amount of extra investigations necessary in corresponding with the landlord and management company to obtain evidence about whether the rent and service charges have been discharged and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I am buying my first flat in Rye with a loan from Barclays Direct. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The property agent told me not inform my conveyancer about this deal as it will jeopardize my mortgage with the lender. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Rye is where the house is located. What do you suggest?
Flying freeholds in Rye are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rye you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rye 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 residence.
Is it best to choose a Rye conveyancing practitioner who is local to the property I am buying? I have an old university friend who can execute the legal formalities however his firm is located over three hundred miles drive away.
The primary upside of using a local Rye conveyancing firm is that you can visit the firm to execute documents, present your identification documents and apply pressure on them if necessary. Having local Rye know how is a plus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should surpass using an unknown Rye conveyancing solicitor just because they are based in the area.