My partner and I are nearing an exchange on a house in Datchet and my parents have transferred the ten percent deposit to my property 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 lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancer is obliged 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 notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We are planning to acquire a house and require a conveyancing solicitor in Datchet who is on the Leeds Building Society conveyancing panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Datchet.
Are the BSA intent on creating a search tool with a view to list firms on the Darlington Building Society conveyancing panel for example in Datchet?
We would not expect to be advised of any plans on the part of the BSA to promote such a tool.
When it comes to mortgage companies such as Virgin Money, do Datchet lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I can not fathom if my bank requires a lease extension. I have telephoned my Datchet building society branch on numerous occasions and was told it wasn't a problem and they will lend. My Datchet conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor has to comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Kent Reliance have agreed my home loan in principle, my offer on a flat in Datchet has been agreed to, what happens next?
Your estate agent will want to be advised as to your property lawyer's details (ensure that the property lawyers are on the bank’s approved list). Telephone Kent Reliance or the broker and finalise any relevant paperwork. Kent Reliance will appoint a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Datchet.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Datchet is where the house is located. Can you offer any opinion?
Flying freeholds in Datchet are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Datchet you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Datchet 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 residence.
I have been pointed in your direction by a number of property agents in Datchet to get a quote from a property lawyer using your seach tool. Is there a financial upside for Estate Agents to recommend your lawyers ahead of alternative conveyancing organisations?
We refuse to make any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.