My wife and I are only a couple days away from an exchange on a flat in Downham and my mum and dad have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has not come from me my lawyer needs to make a notification to my mortgage company. 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 informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The lawyer is legally required to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We are looking to buy a flat and need a conveyancing solicitor in Downham who is on the Co-operative approved panel. Could you point me in the right direction as regards a 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 Co-operative . We don't recommend any particular firms conducting conveyancing in Downham.
A friend advised me that in purchasing a property in Downham there may be various restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Downham which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Downham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is there a list of Leeds Building Society panel conveyancers in Downham on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of lenders make their panel listings available online. If you are looking for a Downham conveyancing practitioner on the Leeds Building Society please use our tool.
is it true that all Downham solicitor practices on the Coventry BS conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Coventry BS conveyancing panel they would need to be regulated by the SRA. Many banks do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
I am purchasing my first flat in Downham benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my solicitor about this extras as it would put at risk my loan with the bank. Should I keep quiet?.
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 UK Finance website. UK Finance 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Downham is where the house is located. Can you offer any opinion?
Flying freeholds in Downham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Downham you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Downham 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.
My partner has urged me to use his lawyers for conveyancing in Downham. Do I follow his recommendation?
There are no two ways about it the ideal way to select a conveyancing solicitor is to seek feedback from friends or relatives who have actually used the conveyancer you're contemplating using.