We are only a couple days away from an exchange on a house in Barlaston and Tittensor and my mum and dad have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The lawyer is obliged to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
When will exchange of contracts take place for sale conveyancing in Barlaston and Tittensor and do I need to be at the solicitors branch?
Where you are local to one of the conveyancing solicitors in Barlaston and Tittensor you are invited in to sign the paperwork. However, the firms we recommend provide countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the property agreement is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Barlaston and Tittensor)to be in the office at the appropriate time.
My Solicitor in Barlaston and Tittensor is not on the HSBC Bank Conveyancing Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are not on the HSBC Bank panel?
Your options are as follows:
- Complete the purchase with your preferred Barlaston and Tittensor lawyers but HSBC Bank will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the total legal fees and cause delays.
- Choose a new lawyer to to deal with the purchase, obviously checking they are HSBC Bank approved.
- Try to convince your HSBC Bank based solicitor to try to join the HSBC Bank panel
Are all Barlaston and Tittensor Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved firms?
Some major lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
My husband and I are at the point of looking at apartments in Barlaston and Tittensor and I am now considering a potential offer. Is it wise to have my lawyer on ‘stand by’? I will be getting a mortgage with TSB.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are seeking a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I am due to exchange contracts on my apartment. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide are being pedantic. The Barlaston and Tittensor solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing my first flat in Barlaston and Tittensor with a mortgage from Bank of Ireland. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not to tell my solicitor about this extras as it may affect my mortgage with Bank of Ireland. Should I keep quiet?.
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.
Our conveyancer in Barlaston and Tittensor has discovered a defect with the lease for the apartment we are purchasing in Barlaston and Tittensor. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Barlaston and Tittensor conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the lender