My wife and I are only a couple days away from an exchange on a flat in Oxted and my mum and dad have transferred the exchange deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancer is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am considering applying for a Skipton mortgage for purchase of a new build (under development) in Oxted with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
is it true that all Oxted solicitors on the Kent Reliance conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I currently have a mortgage with Kent Reliance for my property in Oxted. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
Intending to buy a house in Oxted. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Oxted property lawyer is on the RBS conveyancing panel.
What does a local search tell me regarding the property my wife and I buying in Oxted?
Oxted conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays a central role in many a Oxted conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I'm purchasing a new build house in Oxted with the aid of help to buy. The builders would not move on the price so I negotiated £7000 of additionals instead. The sale representative told me not reveal to my solicitor about the extras as it may put at risk my mortgage with the lender. Should I keep quiet?.
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 easy is it to change a solicitor as I need to find a Oxted based firm who is on the lender conveyancing panel. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Oxted that you're thinking of instructing.