My wife and I are getting closer to an exchange on a property in Cornwall and my parents have sent the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my bank. 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 disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know about purchase conveyancing in Cornwall?
Not many law firms shout this from the rooftops but conveyancing in Cornwall and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the ownership transfer. E.g., the seller, estate agent and sometimes your lender. Selecting a solicitor for your conveyancing in Cornwall is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to protect your best interests and to protect you.
Every so often a third party with a vested interest will attempt to persuade you that you should follow their advice. For instance, the selling agent may claim to be helping by suggesting your solicitor is dragging his heels. Or your mortgage broker may advise you to do take action that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My relative suggested that if I am purchasing in Cornwall I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Cornwall conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Cornwall around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information regarding Cornwall.
I am buying my first flat in Cornwall benefiting from help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not inform my solicitor about the deal as it may adversely affect my mortgage with the bank. Is this normal?.
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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Cornwall I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Cornwall in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I need to retain a conveyancing solicitor for purchase conveyancing in Cornwall. I have discover a web site which looks to be the ideal solution If there is a chance to get all this stuff completed via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?