We are only a couple days away from an exchange on a flat in Berkshire and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I are purchasing a house in Berkshire. It might be a silly question but how we can trust a conveyancer? At some point we have to put our life savings into their account. What protection do we have from them run away with our money?
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.
Please help - my lawyer says that lack of building regulations insurance is required on my purchase. What is the level of cover for Berkshire conveyancing?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
We have a mortgage agreed in principle with UBS. Berkshire conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from UBS?
Some lenders take longer than others. Have UBS completed the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
What does a local search reveal about the house I am purchasing in Berkshire?
Berkshire conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every Berkshire conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications relevant to the property (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 topic areas.
I am purchasing a new build house in Berkshire benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not disclose to my lawyer about the deal as it would adversely affect my mortgage with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Berkshire is where the house is located. Can you shed any light on this issue?
Flying freeholds in Berkshire are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Berkshire you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Berkshire may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My father-in-law has suggested that I instruct his conveyancers in Berkshire. Should I use them?
There are no two ways about it the best way to select a conveyancing solicitor is to seek guidance from friends or family who have previously instructed the solicitor that you are contemplating using.