My wife and I are getting closer to an exchange on a house in Bidford On Avon and my parents have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, 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 lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is legally required to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am buying a garden flat in Bidford On Avon. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bidford On Avon 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 Bidford On Avon.
A colleague recommended that if I am purchasing in Bidford On Avon I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Bidford On Avon conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Bidford On Avon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Bidford On Avon Education with plans and statistics, Local Amenities and other useful data about Bidford On Avon.
It has been three months since my purchase conveyancing in Bidford On Avon concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Bidford On Avon with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not disclose to my conveyancer about this extras as it will jeopardize 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.
I opted to have a survey done on a property in Bidford On Avon before appointing solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders may refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bidford On Avon. Conveyancing may be slightly more expensive based on your lender's requirements.