My wife and I are approaching an exchange on a flat in Lyme Regis and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The 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 funds. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my property in Lyme Regis. Conveyancing solicitors have recently been retained on the sale but I can't track down the title documents. Will this cause complications?
You need not be too concerned. First the deeds may be kept by your lender or they could stored with the conveyancers who oversaw your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Lyme Regis involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
My mortgage company has suggested a law firm on their panel based in Lyme Regis but I would rather choose a conveyancing lawyer in Lyme Regis local to me. Can you help?
The minority of Lyme Regis conveyancing practitioners are listed all lender’s conveyancing panel. Use the above search tool to find a Lyme Regis conveyancing firm on the on the lender panel.
There are a variety of conveyancing solicitors in Lyme Regis but how do I know who's good?
It would be unwise to be seduced by the cheapest Lyme Regis conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. 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 time.
When it comes to mortgage companies such as Nottingham, do Lyme Regis conveyancers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am buying a property in Lyme Regis. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
Given that your lender is Nationwide your lawyer must check the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease does not comply with these conditions. The specifications relate to the installation of panels on properties countrywide and is not restricted to Lyme Regis.
I have been told that property searches are a common cause of delay in Lyme Regis house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Lyme Regis.
I am purchasing a new build house in Lyme Regis with a loan from Chelsea Building Society. The builders would not reduce the price so I negotiated 6k of extras instead. The estate agent advised me not reveal to my solicitor about the side-deal as it could jeopardize 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.