My wife and I are approaching an exchange on a house in Scarborough and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has been received from someone other than me my property 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 coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
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 resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Will our lawyer be making enquiries regarding flooding during the conveyancing in Scarborough.
The risk of flooding is if increasing concern for solicitors dealing with homes in Scarborough. Plenty of people will buy a property in Scarborough, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that can be undertaken by the buyer or by their solicitors which will figure out the risks in Scarborough. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine whether the property has historically flooded. If the premises has been flooded in past which is not notified by the owner, then a purchaser may issue a compensation claim as a result of such an inaccurate answer. The buyer’s conveyancers may also commission an environmental search. This will indicate if there is a recorded flood risk. If so, additional investigations will need to be made.
I am buying a new build house in Scarborough with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my conveyancer about the deal as it would affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Scarborough is where the house is located. Is there any guidance you can give?
Flying freeholds in Scarborough are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Scarborough you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Scarborough may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I best advised to appoint a Scarborough conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can carry out the conveyancing but they are based 300miles drive away.
The primary upside of using a high street Scarborough conveyancing practice is that you can pop in to sign documents, deliver your ID and pester them where appropriate. They will also have local intelligence which is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were impressed that should trump using an unfamiliar Scarborough conveyancing lawyer solely due to them being local.
Online reading suggests that Scarborough solicitors are more costly than licensed conveyancers in Scarborough when it comes to buying a property. So is it better if I use a conveyancer or a solicitor if I am buying for my home move in Scarborough.
When it comes to conveyancing in Scarborough the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.