I am approaching an exchange on a flat in Bayswater and my mum and dad have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is duty bound 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 disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I'm buying a new build house in Bayswater benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not to tell my solicitor about the deal as it may adversely affect my loan with The Mortgage Works. 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.
I opted to have a survey completed on a property in Bayswater before instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders will refuse to grant a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bayswater. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be wary about brokers that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Bayswater conveyancing practice?
As is the case with lots of professional services, often input from relatives can be very helpful. But there are many parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and lenders might all suggest conveyancers to choose. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You are at liberty to appoint your own lawyer. You need to be aware that the majority of lenders operate an approved list of conveyancers you are obliged to use for the lender aspect of your transaction.
In my capacity as executor for the will of my grandmother I am selling a property in Newport but reside in Bayswater. My lawyer (based 200 miles awayhas requested that I execute a stat dec ahead of completion. Can you recommend a conveyancing practitioner in Bayswater who can witness this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are Bayswater based
I have been recommended a conveyancing solicitor in Bayswater. I I would like to check if they are listed on the lender's approved list of lawyers. Could you advise?
It’s a good idea contact your conveyancer to enquire if they are on the bank's panel. Alternatively please get in touch with us and we can make some checks for you. Should the firm not be on the bank panel we can certainly arrange a quality conveyancing solicitor in Bayswater on the panel for your lender.