I am nearing an exchange on a house in Plymouth and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The property lawyer is legally required to check with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your 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 house and require a conveyancing solicitor in Plymouth who is on the Clydesdale solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Clydesdale . We don't recommend any particular firms conducting conveyancing in Plymouth.
we are a couple who are hoping to buy a newly converted flat in Plymouth with a homeloan from Barnsley Building Society.We would like to retain our Plymouth conveyancing practitioner but Barnsley Building Society says she’s not listed on their approved list of member firms. We have to appoint a Barnsley Building Society panel lawyer or retain our preferred solicitor and pay for a Barnsley Building Society panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you contains various provisions, a common one being that conveyancers will be on the Barnsley Building Society approved list. Until recently, 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 lawyer to apply to be on the conveyancing panel for Barnsley Building Society
How does conveyancing in Plymouth differ for new build properties?
Most buyers of new build or newly converted property in Plymouth approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Plymouth usually acquire the site, 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 conveyancers 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 used to new build conveyancing in Plymouth or who has acted in the same development.
I am looking into buying my first house which is in Plymouth and I am already nervous. I couldn't find anything specific about Plymouth. Conveyancing will be needed in due course but do you know about the Plymouth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Plymouth. In the meantime here are some basic statistics that we found