My partner and I are only a couple days away from an exchange on a property in Llanidloes and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancer is obliged to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My Conveyancer in Llanidloes is not on the The Mortgage Works Approved Panel. Can I still continue with my prefered solicitor even though they are excluded from the The Mortgage Works list of approved lawyers?
Your options are as follows:
- Carry on with your existing Llanidloes solicitors but The Mortgage Works will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall legal fees and cause delays.
- Choose a new lawyer to act in the purchase, remembering to check they are Convince your conveyancer to use their best endeavours to join the The Mortgage Works conveyancing panel
We are buying a property and the lawyer has identified Chancel Repair for which the house could be obligated to pay as it falls into the area of such a church. He has recommended insurance. Is this really appropriate for conveyancing in Llanidloes
Unless a prior purchase of the house took place post 12 October 2013 you can expect lawyers handling conveyancing in Llanidloes to continue to propose a a chancel search and or chancel repair liability policy.
I'm buying my first flat in Llanidloes with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about the side-deal as it could jeopardize my mortgage with Skipton Building Society. 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.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Llanidloes I like with a park and station in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Llanidloes in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.