I am approaching an exchange on a house in Hilperton and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The conveyancing practitioner is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do lenders provide you with an approved list of Hilperton conveyancing solicitors? How do you know who is on the Nottingham conveyancing panel?
Hilperton conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
We're in Hilperton, First timers purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Hilperton. The Hilperton property was put into my name in April. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in April. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Most lenders would take a practical view as this provision primarily exists to capture subsales or the quick reselling of properties.
Is it the case that all Hilperton CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved solicitors?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I had a mortgage agreed in principle with UBS. Hilperton conveyancing lawyers were instructed. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS conducted the valuation? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am looking for a flat up to £305k and found one near me in Hilperton I like with open areas and transport links nearby, however it's only got 52 years on the lease. I can't really find anything else in Hilperton in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.