I am getting closer to an exchange on a flat in Markyate and my parents have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am buying a terrace house in Markyate. We would like to convert the garage to an office at the property.Will legal conveyancing on the property include enquiries to see if these alterations are allowed?
Your property lawyer will review the registered title as conveyancing in Markyate can occasionally reveal restrictions in the title documents which prohibit certain alterations or need the consent of a 3rd party. Some additions call for local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
Are all Markyate Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved firms?
It is true that some lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Is it the case that all Markyate solicitor practices on the RBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.
I am buying a new build house in Markyate with the aid of help to buy. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my lawyer about the extras as it would impact my mortgage with the lender. Is this normal?.
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 opted to have a survey done on a property in Markyate before appointing solicitors. I have been advised that there is a flying freehold element to the house. My surveyor has said that some banks will refuse to issue a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Markyate. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I have to pop into the offices of the lender conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Markyate so that I can attend their offices when needed.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Markyate.