We are getting closer to an exchange on a flat in Great Ayton and my mum and dad have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The solicitor is legally required to check with lender to ensure that they know 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 permit them to, failing which, your lawyer must cease to continue acting.
I am buying a terraced house in Great Ayton. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Great Ayton you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Great Ayton.
Are there restrictive covenants that are commonly identified as part of conveyancing in Great Ayton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Great Ayton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Great Ayton with a loan from Leeds Building Society. The builders would not move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not to tell my conveyancer about the extras as it may put at risk my mortgage with Leeds Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I have been advised by a number of estate agents in Great Ayton to choose a property lawyer on your site. What’s the financial upside for Estate Agents to recommend your services ahead of alternative conveyancing organisations?
We don’t make any financial incentive for directing people to this site. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am thinking of appointing a conveyancing practitioner in Great Ayton for my sale. Can I check a solicitor's record with the profession’s regulator?
You may read published Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes monitor call for training purposes.