I am getting a mortgage with Santander. I hope to instruct a Licensed Conveyancer in Burscough. Does the Santander Solicitor panel include Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My partner and I are approaching an exchange on a flat in Burscough and my parents have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my bank. 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 informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your solicitor is obliged to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
When does exchange of contracts occur in domestic conveyancing in Burscough and am I required to attend the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Burscough you are invited in to sign documents. That being said, the lender approved solicitors we work with offer a national conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you electronically. The signing of the property agreement is not the critical part. Signing on the dotted line is necessary for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Burscough)to be in the office available at the end of the phone to exchange contracts.
I am thinking of remortgaging my apartment in Burscough, does my lawyer need to be on the RBS Solicitor panel?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am purchasing a new build house in Burscough benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my conveyancer about this side-deal as it will impact my mortgage 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've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Burscough is the location of the property. Can you shed any light on this issue?
Flying freeholds in Burscough are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Burscough you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burscough may decide 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.