My partner and I are getting closer to an exchange on a house in Watchet and my mum and dad have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. I am advised that, 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 mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My fiance and I wish to acquire a newly converted apartment in Watchet with a homeloan from Skipton Building Society.We like our Watchet conveyancing practitioner but Skipton Building Society says her practice is not on their approved list of firms. we are left little option but to use a Skipton Building Society panel lawyer or retain our preferred solicitor and fork out for a Skipton Building Society panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Skipton Building Society use our lawyer?
No, not really. The loan offered to you contains terms and conditions, a common one being that conveyancers needs to be on the Skipton Building Society approved list. Until recently, most lenders 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 Skipton Building Society
My uncle advised me that in purchasing a property in Watchet there could be a number of restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Watchet which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Watchet should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Aldermore, do Watchet conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Last month we had a mortgage agreed in principle with UBS. Watchet conveyancing lawyers are selected. How long does it take for UBS to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have UBS done the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have been told that property searches are the main reason for obstruction in Watchet conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Watchet.
I'm refinancing my existing home to a buy to let mortgage with Britannia and I will use the ballance of the raised equity as a down payment on a second house. The area we are interested in is Watchet. Will your lawyers be able to act for the two lenders and link together the two deals?
Make use of our search tool on this site to ensure that the lawyers are approved by both banks. Having checked that they are the conveyancer should be able to tie up the two transactions but you should talk with you lawyer and communicate your desired outcome and needs.