My partner and I are only a couple days away from an exchange on a property in Somerset and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The lawyer is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
we are a couple who decided to purchase a newly converted apartment in Somerset with a residential mortgage from The Royal Bank of Scotland.We would like to retain our Somerset conveyancing practitioner but The Royal Bank of Scotland informed us he's not on their approved list of member firms. We have to appoint a The Royal Bank of Scotland panel lawyer or keep our local solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that solicitors must be on the The Royal Bank of Scotland conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Royal Bank of Scotland
Can you help - my lawyer advises that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Somerset?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Halifax and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
When it comes to lenders such as TSB, do Somerset property lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Somerset. I have a mortgage offer with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
It has been three months following my purchase conveyancing in Somerset concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Somerset I like with a park and transport links in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Somerset for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am selling my property. My previous solicitors closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Somerset if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Somerset. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.