My wife and I are about to complete buying a house in Eastwood but as a consequence of damage from the recent storms I have was able negotiate reparation from the current proprietors of £3k by way of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however Clydesdale will not agree to this. Why were they notified?
The lawyer being on the Clydesdale approved list is required to disclose to Clydesdale of any variations to the purchase price. If you were to refuse your conveyancing practitioner to disclose the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new property lawyer for your conveyancing in Eastwood.
In what way does my ID and proof of funds have anything to do with my conveyancing in Eastwood? What am I being asked for?
Eastwood conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Confirmation of source of funds is also required in compliance with the money laundering laws as solicitors are obliged to ensure that the money you are utilising to buy a property (be it the exchange deposit or the total purchase monies where you are buying mortgage free) has come from an acceptable source (such as an inheritance) as opposed to the proceeds of illegitimate activity.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Eastwood with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I'm purchasing a new build house in Eastwood benefiting from help to buy. The developers refused to move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not to tell my solicitor about the side-deal as it may put at risk my mortgage 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 advice of my in-laws I had a survey completed on a house in Eastwood in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you contact us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Eastwood. Conveyancing will be smoother if you use a solicitor in Eastwood especially if they are familiar with such properties in Eastwood.
In surfing the internet for the words conveyancing in Eastwood it shows results of many solicitorsin the vicinity. How do I determine which is the suitable solicitor for me?
The ideal way of seeking the right conveyancer is via personal referral, so seek the opinion of friends and relatives who have bought a property in Eastwood or a reputable estate agent or mortgage broker. Charges for conveyancing in Eastwood vary, so it's advisable to obtain a minimum of three estimates from different conveyancers. Make sure that you know that the fees are fixed.