We are only a couple days away from an exchange on a flat in Cleator Moor and my parents have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my solicitor needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your solicitor is legally required to clarify with lender to ensure that they understand 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.
We wanted to use a conveyancing solicitor in Cleator Moor for our house purchase. Our broker has since notified us that our bank Norwich and Peterborough Building Society won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies in the main restrict either the category or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the type of firm, a few banks have limited the amount of solicitor practices they allow to act for them. Be aware that Norwich and Peterborough Building Society have no responsibility for the quality of advice provided by any member of Norwich and Peterborough Building Society Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains differing opinions about the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Cleator Moor only execute one or two conveyances a year.
My uncle pointed out to me me that in purchasing a property in Cleator Moor there may be a number of restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of anumerous of properties in Cleator Moor which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Cleator Moor should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Cleator Moor building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Cleator Moor conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I simply don't know who is right.
The property lawyer must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I recently had an offer accepted on a house in Cleator Moor. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the lawyer contacted me to say that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing a new build house in Cleator Moor with the aid of help to buy. The developers would not budge the price so I negotiated 6k of extras instead. The estate agent advised me not to tell my solicitor about the side-deal as it may jeopardize my mortgage with the lender. 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.
I am looking to sell my home. My former conveyancers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Cleator Moor if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Cleator Moor. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.