My husband and I are nearing an exchange on a flat in Watnall and my mum and dad have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has been sent 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 advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The lawyer is obliged to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do all mortgage companies provide you with an approved list of Watnall conveyancing solicitors? How do you know who is on the Nottingham conveyancing panel?
Watnall conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
A colleague advised me that in purchasing a property in Watnall there could be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Watnall which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Watnall should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a OIP from Co-operative this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Co-operative recommend any Watnall solicitors on the Co-operative conveyancing panel, or is it better to go independently?
You will need to appoint Watnall solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
The formalities of my remortgage has taken place for my property in Watnall. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It has been 3 months since my purchase conveyancing in Watnall completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Watnall is where the house is located. Can you offer any guidance?
Flying freeholds in Watnall are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Watnall you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Watnall may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.