I am nearing an exchange on a house in Mayfield and my mum and dad have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification 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 lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are purchasing a flat and require a conveyancing solicitor in Mayfield who is on the Lloyds conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Mayfield.
My aunt informed me that in buying a property in Mayfield there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
There are a number of properties in Mayfield which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Mayfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously selected conveyancers with offices in Mayfield on the Clydesdale solicitor panel. They have just billed me an additional sum for the legal aspects of the Clydesdale mortgage. Is this a supplemental conveyancing fee set by Clydesdale?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your lawyer is entitled to levy a fee for this. This fee is not dictated by Clydesdale but by your Mayfield conveyancer. Plenty of firms on the Clydesdale panel will levy an ‘acting for lender’ fee and others do not.
Planning on purchasing a flat in Mayfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Mayfield lawyer is on the HSBC conveyancing panel.
How does conveyancing in Mayfield differ for newly converted properties?
Most buyers of new build or newly converted property in Mayfield contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Mayfield usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Mayfield or who has acted in the same development.
I am soon to exchange on the purchase a house in Mayfield but as a result of wreckage from the recent storms I have agreed compensation from the vendor of five thousand pounds in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process yet the lender will not agree to this. Should they have been notified?
Any lawyer being on a lender approved list is duty bound to disclose to the bank of any changes to the sale price. If you were to refuse your lawyer to report the price change to your bank then they would need to discontinue acting for you and the lender.