My partner and I are only a couple days away from an exchange on a property in Handsworth and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my lawyer 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 coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancer is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My friend suggested that if I am buying in Handsworth I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Handsworth conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Handsworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Handsworth.
I have todayfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Handsworth for a purchase of a leasehold flat 12 months ago. How can I check that the property is in my name in the name of the previous owner?
The easiest method to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Handsworth conveyancing specialists.
I'm purchasing a new build house in Handsworth with a mortgage from Barclays . The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not reveal to my solicitor about the extras as it could adversely affect my mortgage with the bank. 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 decided to have a survey done on a property in Handsworth before instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some lenders tend refuse to give a loan on such a home.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Handsworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be concerned that estate agents that I am dealing with are suggesting an online conveyancing firm rather than a local Handsworth conveyancing practice?
As is the case with lots of service providers, often suggestions from relatives can be very helpful. Yet there are many people with a vested interest in a conveyancing deal; estate agents, financial adviser and banks might all suggest solicitors to use. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the endorsement. You are free to appoint your preferred conveyancer. Don't forget that most banks specify a panel list of solicitors you are obliged to use for the lender aspect of your home move.