My husband and I are approaching an exchange on a flat in Coombe Dingle and my parents have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is legally required to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Coombe Dingle?
Where you are retaining lawyers for conveyancing in Coombe Dingle your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the Local Authority Search. When the down payment is payable against the sale price then this will be needed immediately prior to exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
Will our lawyer be raising enquiries regarding flooding as part of the conveyancing in Coombe Dingle.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Coombe Dingle. There are those who buy a property in Coombe Dingle, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, but there are a various searches that can be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Coombe Dingle. The standard information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover whether the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a buyer may bring a compensation claim resulting from an misleading reply. The buyer’s lawyers may also conduct an environmental search. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be conducted.
I purchased a terraced Victorian property in Coombe Dingle. Conveyancing practitioner represented me and Halifax. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should assess 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 Coombe Dingle and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who completed the work.
I'm buying a new build house in Coombe Dingle benefiting from help to buy. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my conveyancer about this side-deal as it may impact my mortgage with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in Coombe Dingle in advance of retaining lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Coombe Dingle. Conveyancing will be smoother if you use a solicitor in Coombe Dingle especially if they are acquainted with such properties in Coombe Dingle.