I am only a couple days away from an exchange on a house in Ham and my mum and dad have transferred the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the lender 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 mortgage, so is it really necessary for him to raise this?
The property lawyer is obliged to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold property in Ham but still pay rent, why is this and what is this?
It is rare for properties in Ham and has limited impact for conveyancing in Ham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would prefer to instruct a specialised conveyancing solicitor in Ham?
You should check but the chances are that give you one of their panel solicitors if you take up the "fee-free" offer. Call the lender to explore if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Ham.
I am helping my sister sell her flat in Ham. Does the solicitor commission an energy assessment or should I organise this?
After the demise of Home Information Packs, energy assessments was kept a required element of selling a property. An energy assessment must be commissioned in advance of the property being marketed. This is not something that solicitors ordinarily organise. Where you are using a Ham conveyancing solicitor they may help arrange EPC’s given their relationships with reputable Ham energy assessors
How can we tell if a Ham conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Ham obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing.
Principality have agreed my home loan in principle, my offer on a flat in Ham has been accepted, what are the next steps?
The estate agent will want to be informed of your property lawyer's details (ensure that the lawyers are on the bank’s panel). Call up Principality or the financial adviser and finalise any appropriate documentation. Principality will appoint a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Principality will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ham.
I am purchasing a new build house in Ham with a mortgage from Godiva Mortgages Ltd. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my solicitor about the extras as it would put at risk my loan with Godiva Mortgages Ltd. 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 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.
Is it the case that all Ham legal practices on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your high street lender branch in Ham. the probability is that they can recommend conveyancing solicitors in Ham