I was advised recently by my financial adviser that my Eccleston property lawyer is not on the lender Solicitor panel. What can I do to be certain that this is indeed the case?
The best course of action for you to take is to call your Eccleston lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may be able to suggest a Eccleston conveyancing firm that is on the approved list of lawyers for your bank.
We are only a couple days away from an exchange on a flat in Eccleston and my mum and dad have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We previously selected solicitors based in Eccleston on the Yorkshire BS solicitor approved list. They have just invoiced me a supplemental sum for the legal aspects of the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Provided it is contained in their Terms and Conditions or estimate then yes your lawyer is entitled to levy a fee for this. The charge is not dictated by Yorkshire BS but by your Eccleston conveyancer. Some firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee and others do not.
The formalities of my purchase has taken place for my property in Eccleston. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Eccleston bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Eccleston conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Your property lawyer must follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Eccleston differ for newly converted properties?
Most buyers of new build residence in Eccleston contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Eccleston tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Eccleston or who has acted in the same development.
I am looking for a flat up to £235,500 and found one close by in Eccleston I like with a park and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Eccleston suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am purchasing a house and cash is in place. My lawyer has been supplied with with two distinct proof of photographic ID, bank statement, multiple utility bills. Now he requires a copy from a probate lawyer advising that the funds are in order and that it has come from inheritance and not selling fake DVD.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Eccleston conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.