My husband and I are nearing an exchange on a flat in Clun and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification 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 coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The conveyancing practitioner is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are purchasing a property in Clun. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put funds into their account. What protection do we have from them run away with our deposit?
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.
I am selling my apartment. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Barclays are being problematic. The Clun solicitor who is on the Barclays conveyancing panel is saying indemnity insurance will be fine but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
After what feels like an age I have had an offer on an apartment in Clun accepted, but there is a chain. The vendors have put an offer on a flat, however it’s not yet agreed to, and have viewings of other apartments booked. I have selected a nearby conveyancing solicitor in Clun. What should be my next step? When do I get the mortgage application with Skipton started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then valuation, Clun conveyancing search costs, etc). The first thing to do is check that your solicitor is on the Skipton conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. In a buoyant market the majority of home buyers would apply for a home loan with Skipton and pay for the valuation and only if it comes back ok would they ask their solicitor to press on with the conveyancing in Clun.
I am buying a new build house in Clun with a loan from Chelsea Building Society. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent told me not inform my lawyer about the deal as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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 element on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Clun is the location of the property. Can you shed any light on this issue?
Flying freeholds in Clun are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clun 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 Clun 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 property.
My step-father has recommend that I appoint his conveyancing solicitors in Clun. Do I follow his recommendation?
Much as we are happy to recommend a Clun conveyancing lawyer the ideal way to select a conveyancing lawyer is to get feedback from friends or family who have used the firm that you are contemplating using.
We have been advised by many family members that it may take up to two months for Clun conveyancing to complete.This was four weeks ago. The property information was only received to my conveyancer a couple of days ago so now does it countdown?
You should be realistic concerning timing. Moving home in Clun takes on average about ten weeks. This time period is not due to conveyancing practitioner being slow and purposely delay matters. The level of money involved in buying any residence is so high, the purchaser's conveyancer needing to raise a wide range of enquiries, searches and supplemental checks to protect the buyer and their lender (if there is to be a mortgage) from expensive, avoidable problems. These checks involves seeking information from various different parties, for example other conveyancer, local councils, private companies, lenders. Many of these are well organised. Plenty are not. And remember, it doesn't matter how quickly your property lawyer do their part, if the people you are buying from or are selling to aren't ready, nothing can go ahead until they are up to speed.