My husband and I are getting closer to an exchange on a flat in St Asaph and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is legally required to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am considering applying for a Nationwide mortgage for purchase of a new build (under development) in St Asaph with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide ?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I'm buying a new build house in St Asaph with the aid of help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my lawyer about the deal as it may jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
Should I appoint a St Asaph conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can handle the conveyancing but they are based 200miles drive away.
The benefit of a high street St Asaph conveyancing firm is that you can drop in to sign documents, present your ID and apply pressure on them where appropriate. Having local St Asaph know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and in the main were impressed that should outweigh using an unfamiliar St Asaph conveyancing solicitor just because they are round the corner.
What tools are available to search for a St Asaph conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 25kilometers to attend the solicitor.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case St Asaph and you will see a number of lawyer located nearest St Asaph. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.