My husband and I are approaching an exchange on a flat in East London and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We are purchasing a house and need a conveyancing solicitor in East London who is on the HSBC conveyancing 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 HSBC . We don't recommend any particular firms conducting conveyancing in East London.
I am purchasing a new build house in East London with the aid of help to buy. The developers would not move on the price so I negotiated 6k of extras instead. The sale representative advised me not reveal to my lawyer about this side-deal as it could put at risk my loan with the bank. Is this normal?.
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 property in East London in advance of appointing solicitors. I have been told that there is a flying freehold element to the property. The surveyor advised that some banks will not give a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East London. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East London to see if the conveyancing costs will increase in light of this.
My husband and I are 3 weeks into a freehold purchase having been referred to conveyancers by the high street agent to perform conveyancing in East London. We are not happy. Can you help me find new lawyers?
A lawyer would have to be really poor to suggest changing them. Has your loan offer been issued? If so you will need to advise them of the new contact details and have the mortgage documents are re-issued. Your solicitor ideally should be on the lenders approved list to avoid escalating fees and complications. So that should be your first question of the new lawyers. The find a solicitor tool will help you find a lender approved lawyer for your conveyancing in East London
My wife and I are selling a East London flat left to us 5 years ago in 2010. I have over 12 years conveyancing experience and, now retired, wish to carry out my own conveyancing. The purchaser's property lawyer has informed me that their bank will not allow us to do our own conveyancing insisting the funds to be transferred to a solicitor's bank account.
Lending requirements to solicitors from all CML members state that If the seller is not legally represented the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be made as to whether they are prepared to proceed.