My husband and I are getting closer to an exchange on a property in Barmouth and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is duty bound to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Barmouth costs more?
Barmouth leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
A friend informed me that in purchasing a property in Barmouth there could be various restrictions affecting the ability to carry out external changes to the property. Is this right?
There are a number of properties in Barmouth which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Barmouth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We were going to get a OIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Barmouth solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Barmouth solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, HSBC are being problematic. The Barmouth solicitor who is on the HSBC conveyancing panel is saying indemnity insurance will be fine but HSBC are insisting on a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC 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'm purchasing a new build house in Barmouth with a mortgage from Lloyds TSB Bank. The sellers would not move on the price so I negotiated £7000 of additionals instead. The house builders rep told me not inform my conveyancer about the deal as it could put at risk my loan with the bank. Is this normal?.
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.
I have been sourcing a conveyancing solicitor in Barmouth for my purchase. Is it possible to check a solicitor's complaints history with the profession’s regulator?
One can review documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The regulator could recorded telephone calls for training purposes.
How easy is it to change a solicitor as I need to find a Barmouth based one who is on the bank conveyancing panel. Is it practical to instruct different lawyers?
In the event that you have not formally appointed a solicitor to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Barmouth that you're thinking of instructing.