My wife and I are nearing an exchange on a property in Welton and my parents have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my bank. 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 informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your solicitor is legally required to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a property in Welton. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
Given that you are obtaining a mortgage with Nationwide your lawyer must comply with the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to Nationwide where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties countrywide and is not restricted to Welton.
I have decided to exercise my right to buy my property in Welton off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Welton is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been 3 months since my purchase conveyancing in Welton concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 residence 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'm purchasing my first flat in Welton with a loan from Nationwide Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my lawyer about this side-deal as it would impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In sourcing the web for the term conveyancing in Welton it shows results of many conveyancersin the vicinity. How do I determine which is the right conveyancer for my move?
The preferential method of choosing the right conveyancer is through a personal recommendation, so enquire of friends and those you trust who have acquired a property in Welton or a local estate agent or financial adviser. Costs for conveyancing in Welton differ, so it's a good idea to secure a minimum of three fee calculations from different companies. Dont forget to clarify what costs in the quote includes.