My wife and I are getting closer to an exchange on a flat in Botany Bay and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. 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 disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is legally required to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Should lawyers ask for money up-front when it comes to conveyancing in Botany Bay?
Where you are retaining lawyers for conveyancing in Botany Bay your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the total price then this will be asked for immediately prior to contracts are exchanged. The closing balance that is needed should be sent to your lawyer shortly before completion.
The Botany Bay conveyancing lawyers that just started acting on my purchase in Botany Bay have without warning shut down. I chose them because I had to have a lawyer on the Aldermore conveyancing panel and my preferred Botany Bay lawyer was not. I issued them a cheque for £250 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
My wife and I purchased a 4 bedroom Edwardian property in Botany Bay. Conveyancing practitioner represented me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Botany Bay and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who conducted the work.
I am purchasing a new build house in Botany Bay with a loan from Accord Mortgages Ltd. The sellers refused to move on the price so I negotiated £7000 of extras instead. The property agent told me not to tell my solicitor about this extras as it would impact my loan with the bank. 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 need to consider costs for conveyancing in Botany Bay from numerous lawyer and choose one. Do I instruct them to hold tight until I a suitable apartment to buy.
We suggest that you only ask your lawyer to open a file and apply for searches after the sales confirmation has been sent by the selling agent particularly as Botany Bay conveyancing searches are a couple of hundred pounds.