We are only a couple days away from an exchange on a house in Menai Bridge and my parents have sent the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your lawyer is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Are the Menai Bridge conveyancing solicitors identified as being on the Leeds Building Society conveyancing panel, together with their details provided by Leeds Building Society?
Menai Bridge conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
we are a couple who intend to purchase a purpose built apartment in Menai Bridge with a homeloan from Nationwide Building Society.We use our Menai Bridge conveyancing practitioner but Nationwide Building Society advised that his firm is not listed on their "panel". It seems we are left with little choice but to instruct a Nationwide Building Society panel lawyer or retain our high street solicitor and pay for a Nationwide Building Society panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The loan issued to you contains terms and conditions, one of which will be that conveyancers will be on the Nationwide Building Society approved list. in the past, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nationwide Building Society
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Menai Bridge. Do I pick up the keys to the premises on completion from my solicitor? If so, I will instruct a local conveyancing solicitor in Menai Bridge?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and once they have received this, you will be able to collect the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
The formalities of my purchase has taken place for my property in Menai Bridge. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am due to exchange contracts on my apartment. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Skipton are being a right pain. The Menai Bridge solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing my first flat in Menai Bridge with a mortgage from Barnsley Building Society. The sellers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not disclose to my solicitor about the extras as it may jeopardize my mortgage with Barnsley Building Society. Should I keep quiet?.
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.