We are approaching an exchange on a property in Snettisham and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The property lawyer is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
It is is a decade since I acquired my home in Snettisham. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the title deeds. Is this a problem?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your lender or they could still be with the conveyancers who oversaw your purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Almost all conveyancing in Snettisham involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
Are all Snettisham Conveyancing Quality Solicitors on the TSB conveyancing panel?
Some major lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Intending to buy a apartment in Snettisham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham 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 Snettisham conveyancer is on the Nottingham conveyancing panel.
RBS have agreed my home loan in principle, my bid on a property in Snettisham has been agreed to, now what?
The property agent will wish to be advised as to your conveyancing practitioner's details (make sure the solicitors are on the lender’s panel). Call up RBS or your financial adviser and finalise any outstanding forms. RBS will appoint a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. RBS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Snettisham.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Snettisham I like with a park and transport links in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Snettisham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
What tools are available to search for a Snettisham law firm on the National Westminster Bank conveyancing panel? I have wheels and am happy to travel upto 25miles to meet the lawyer.
You can use the tool on this page. Please select a lender and your location and you will see a number of Snettisham conveyancing lawyers locally. We have detailed some Snettisham conveyancing firms at the bottom of this page and you can telephone them to check if they are on the National Westminster Bank member panel