My wife and I are only a couple days away from an exchange on a flat in Honiton and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer 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 notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Honiton?
If you are buying a property in Honiton your lawyer will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the sale price then this will be needed shortly ahead of contracts are exchanged. The closing balance that is needed will be payable a couple of days ahead of the day of completion.
There is lots of here regarding conveyancing in Honiton but can you isolate your top tip for selecting the right conveyancer in Honiton
Do not opt for the lowest Honiton conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am expecting a OIP from Santander this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Honiton solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Honiton solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I have a mortgage with Bank of Ireland for my property in Honiton. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel firm.
Various online forums that I have frequented warn that are a common reason for hinderance in Honiton house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Honiton.
I'm purchasing my first flat in Honiton benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my conveyancer about the deal as it will put at risk my loan with National Westminster 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.
How straightforward is it to use your search facility to find a conveyancing practitioner in Honiton on the authorised to act for my lender?
First select a lender such as Barclays , Barnsley Building Society or Clydesdale then type in your location e.g. Honiton. Conveyancing practices in Honiton and beyond will then be listed.