We are only a couple days away from an exchange on a flat in Woking and my parents have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform 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 home loan, so is it really appropriate for him to raise this?
Your lawyer is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am purchasing a property and need a conveyancing solicitor in Woking who is on the The Mortgage Works conveyancing. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Woking. We dont recommend any particular firm.
I am purchasing a new build house in Woking with a loan from The Mortgage Works. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The sale representative advised me not reveal to my solicitor about the extras as it will jeopardize my loan with The Mortgage Works. Is this normal?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Woking in advance of instructing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Woking. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help search for a Woking solicitor on the Nottingham Building Society conveyancing panel? I have a car and am happy to travel upto 20kilometers to meet the conveyancer.
Feel free to make use of the tool on this page. Please choose the mortgage company and your location and you will see a number of Woking conveyancing lawyers locally. We have listed some Woking conveyancing firms towards the end of this page and you can contact them to check whether they are on the Nottingham Building Society panel