My wife and I are only a couple days away from an exchange on a house in Castle Vale and my mum and dad have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your lawyer is duty bound to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do conveyancers request money on account when it comes to conveyancing in Castle Vale?
If you are buying a property in Castle Vale your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this should be required shortly prior to exchange of contracts. Any further balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
3 months have gone by since my purchase conveyancing in Castle Vale concluded. I have checked the Land Registry website which shows that I paid £150,000 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 purchasing a new build house in Castle Vale with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not to tell my lawyer about the deal as it could impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Castle Vale is where the house is located. Is there any guidance you can give?
Flying freeholds in Castle Vale are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Castle Vale you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Castle Vale 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 premises.
I am downsizing from my property. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. Im based in Castle Vale if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Castle Vale. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.