We are getting closer to an exchange on a property in St John's Wood and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What is your number one tip for finding a conveyancing solicitor in St John's Wood
We would encourage you not to base your choice on the lowest St John's Wood conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I currently have a mortgage with RBS for my property in St John's Wood. Conveyancing has been completed a year 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 RBS?
You must advise RBS in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
After shopping around on the internet I have found a St John's Wood conveyancer having made sure that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own St John's Wood surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am buying my first flat in St John's Wood with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my solicitor about the extras as it will impact my mortgage with the bank. Should I keep quiet?.
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 issue on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. St John's Wood is where the house is located. Can you shed any light on this issue?
Flying freeholds in St John's Wood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St John's Wood you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St John's Wood may ascertain 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.
I am downsizing from my house. My former lawyers has retired. I am in need of a recommendation of a conveyancing firm. Im based in St John's Wood if that makes things easier.
Do use our search tool to help you choose a solicitor for your conveyancing in St John's Wood. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
We are hoping to acquire a repression property in St John's Wood and the bank selling demand completion inside 28 days. Do property lawyers meet that timeframe? Am I best advised to instruct a local St John's Wood firm or an online company that professes to complete quickly?
Attend your St John's Wood shopping parade. Pop in to 3 solicitor’s offices and request to talk to a conveyancing solicitor for an estimate. Set out your situation and get assurances on speed. Choose the one that appears most efficient. Be sure to use a conveyancing practitioner on the list of conveyancers approved by your bank.