My wife and I are nearing an exchange on a flat in Penrhyn Bay and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Penrhyn Bay last April but our buyer keeps texting every few hours complaining that their lawyer is waiting to hear from mysolicitor. What should have happened following completion?
Post completion of your house sale your lawyer is obliged to forward the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. If applicable, your conveyancer must also confirm that the home loan has been redeemed to the purchasers conveyancers. There is unlikely to be post completion steps specific conveyancing in Penrhyn Bay.
About to purchase a new build apartment in Penrhyn Bay. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Penrhyn Bay
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I decided to have a survey carried out on a house in Penrhyn Bay in advance of instructing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor advised that some banks tend not issue a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Penrhyn Bay. Conveyancing will be smoother if you use a solicitor in Penrhyn Bay especially if they are acquainted with such properties in Penrhyn Bay.
My 20yr old son is just in the process of moving home, the home loan was agreed last week in principle. After the offer was accepted on apartment we rang the mortgage company to move forward with his. I was shocked to hear that banks do not accept all conveyancer, they must be on their panel, is this correct?
Mortgage Companies tend to imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Penrhyn Bay property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.