My wife and I are approaching an exchange on a flat in South West London and my parents have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are due to move house in July. Will my conveyancing solicitor update the removal company on the day of completion. Incidentally, can you recommend a removal company in South West London. Conveyancing firm was organised before I stumbled across your website.
On the afternoon of completion you will need to collect the keys from your estate agent however this can only be done when the vendors solicitors inform the agent that they have the completion monies and the keys can be released. You will need to advise the removal men that they can start moving you in. As a matter of policy we do not recommend a particular removal company but can assist you in choosing a residential property solicitor in South West London or a solicitor with expertise in conveyancing in South West London.
I currently have a mortgage with Nottingham for my property in South West London. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel firm.
Bank of Ireland have agreed my mortgage in principle, my offer on a flat in South West London has been accepted, now what?
Your property agent will wish to be informed of your property lawyer's details (be sure the property lawyers are on the bank’s panel). Telephone Bank of Ireland or your financial adviser and finish off any appropriate documentation. Bank of Ireland will sellect a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in South West London.
I'm purchasing my first flat in South West London with a mortgage from HSBC Bank. The developers would not budge the amount so I negotiated 6k of extras instead. The estate agent told me not to tell my conveyancer about this side-deal as it could impact my loan with the bank. 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.
Due to the input of my in-laws I had a survey completed on a property in South West London prior to appointing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies tend refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in South West London. Conveyancing will be smoother if you use a solicitor in South West London especially if they regularly deal with such properties in South West London.
I need to instruct a conveyancing solicitor for residential conveyancing in South West London. I have chance upon a site which looks to be the perfect offering If it is possible to get all formalities completed via phone that would be preferable. Do I need to 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?
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in South West London. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in South West London ?
The majority of houses in South West London are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in South West London in which case you should be shopping around for a South West London conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.