My partner and I are approaching an exchange on a flat in Beaufort and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are planning to acquire a house and require a conveyancing solicitor in Beaufort who is on the Co-operative approved panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Beaufort.
Will my lawyer be asking questions regarding flooding during the conveyancing in Beaufort.
The risk of flooding is if increasing concern for lawyers dealing with homes in Beaufort. There are those who buy a house in Beaufort, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a various searches that may be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Beaufort. The standard property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out whether the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer may bring a compensation claim stemming from an inaccurate reply. The buyer’s conveyancers should also carry out an environmental search. This will indicate if there is a recorded flood risk. If so, further investigations will need to be conducted.
Due to the input of my in-laws I had a survey completed on a property in Beaufort before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not issue a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Beaufort. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Beaufort to see if the conveyancing will be more expensive.
My conveyancers in Beaufort have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.