We are nearing an exchange on a house in Beddgelert and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The solicitor is obliged to clarify with the bank 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.
I am buying a garden flat in Beddgelert. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Beddgelert you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Beddgelert.
Me and my partner are purchasing a property in Beddgelert. It might be a silly question but how we can trust a solicitor? On the day of competition we have to send money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can you help - my lawyer advises that absentee landlord insurance is required on my purchase. What is the level of cover for Beddgelert conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Barnsley Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
I have paid off my mortgage with Co-operative. I assume I don't need a Beddgelert property lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
What does a local search tell me regarding the property I am purchasing in Beddgelert?
Beddgelert conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search is essential in every Beddgelert conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I am buying my first flat in Beddgelert with a loan from TSB. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about the extras as it could affect my mortgage with TSB. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Beddgelert before retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to issue a loan on this type of home.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Beddgelert. Conveyancing will be smoother if you use a solicitor in Beddgelert especially if they regularly deal with such properties in Beddgelert.