My wife and I are only a couple days away from an exchange on a house in Maxton and my parents have sent the ten percent deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is obliged to check with lender 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 happen to be the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Maxton. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the house in May. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. Some lenders would take a pragmatic view as this obligation chiefly exists to pick up on subsales or the flipping of property.
Is it correct that all Maxton CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing panel?
Some major banks and building societies now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
My husband and I have arranged a further advance on our home loan from Bank of Ireland as we intend to conduct a loft conversion to our house in Maxton. Do we need to appoint a high street Maxton solicitor on the Bank of Ireland conveyancing panel to handle the paperwork?
Bank of Ireland would not normally appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
I have todayfound out that Stirling Law have closed. They carried out my conveyancing in Maxton for a purchase of a freehold house 12 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest way to see if the property is registered to you, you can carry out 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 Maxton conveyancing specialists.
How does conveyancing in Maxton differ for newly converted properties?
Most buyers of new build residence in Maxton contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Maxton typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Maxton or who has acted in the same development.
I have been recommended by a number of property agents in Maxton to choose a solicitor using your seach tool. What’s the financial incentive for Estate Agents to promote your services over alternative conveyancing organisations?
We don’t offer any financial incentive for directing people to this site. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
New build sellers have put forward a conveyancing practitioner and I've sought a quote from them. They are nearly £250 cheaper than my preferred Maxton lawyer. What's the catch?
Housebuilders often have lists of conveyancing practitioners who are quick and who know the developer’s contract and conveyancer. As many developers offer an incentive to use a preferred conveyancer for this reason, any increased fees can be avoided and a developer will not recommend a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange within a tight deadline. A counter-argument for not opting for the recommended conveyancer is that they may prove reluctant to fight for your interests for fear of alienating the sellers. Where you have concerns that this may be the case you should stick with your local Maxton lawyer.