My partner and I are only a couple days away from an exchange on a flat in St Austell and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are planning to acquire a flat and need a conveyancing solicitor in St Austell who is on the Virgin Money approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in St Austell.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in St Austell. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 23/7/2024, the requirements read as follows :
Is it correct that all St Austell CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local St Austell bank branch on numerous occasions and was told it wasn't a problem and they will lend. My St Austell conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told three weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in St Austell is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a property in St Austell? or Apparently there is a law dating back centuries that means some owners of property residing in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this relevant for conveyancing in St Austell?
Unless a previous purchase of the house completed post 12 October 2013 you can assume that solicitors delivering conveyancing in St Austell to continue to propose a a chancel search and or chancel repair liability policy.