We are approaching an exchange on a house in Colnbrook and my parents have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my property lawyer needs to disclose this 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 advised the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your lawyer is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Colnbrook, FTBs buying with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am purchasing my first flat in Colnbrook with a loan from Britannia. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my solicitor about this extras as it could jeopardize my mortgage with the lender. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Colnbrook is where the house is located. Can you shed any light on this issue?
Flying freeholds in Colnbrook are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Colnbrook you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colnbrook may decide 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 premises.
Our lawyer in Colnbrook has uncovered a defect with the lease for the property we are purchasing in Colnbrook. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.