I am getting closer to an exchange on a flat in Whitland and my parents have sent the 10% deposit to my solicitor. I am now informed that as the deposit has not arrived from me my property lawyer 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 informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather use a Whitland based conveyancing firm?
You should check but the chances are that give you one of their panel conveyancers should you want the "fee-free" incentive. Call the lender and determine if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Whitland.
I am purchasing my first flat in Whitland with a mortgage from HSBC Bank. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this extras as it will impact my loan with HSBC Bank. Do I keep my lawyer in the dark?.
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.
I decided to have a survey done on a house in Whitland in advance of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Whitland. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm remortgaging my current home to a BTL loan with Leeds Building Society and I will use the rest of the raised equity towards further property. The area we are looking at is Whitland. Will your solicitors be able to act for both sets of banks and link together the two deals?
Make use of our comparison tool on this site to ensure that the conveyancers are approved by both banks. On the basis that they are your conveyancer should be able to connect the two conveyancing matters but you should have a chat with you solicitor and make apparent your desired outcome and needs.
We're FTB’s - agreed a price, yet the selling agent informed us that the seller will only issue a contract if we appoint the agent's preferred solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer used to conveyancing in Whitland
It is highly unlikely the vendors are behind this. Should the seller require ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make sure they understand (a)you are genuine purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to use your preferred Whitland conveyancing firm - not the ones that will provide their estate agent a referral fee or meet his conveyancing figures demanded by corporate headquarters.