My partner and I are nearing an exchange on a house in Stansted and my mum and dad have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Stansted is more expensive?
Stansted leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I had intended to instruct a property lawyer in Stansted for our house move. Our broker has since advised us that our mortgage lenders Santander won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing practices on their member panel. Typical examples of such criteria being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of solicitor practices they permit to act for them. You should note that Santander have no responsibility for the quality of advice provided by any member of Santander Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Stansted only execute a couple conveyances a year.
is it true that all Stansted solicitor firms on the UBS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be regulated by the SRA. Many lenders do list licenced conveyancers on their panel and in such a situation the firms would be governed by the CLC.
Can I be sure that the Stansted conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Stansted seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your conveyancing.
We are getting a further advance on our home loan from Clydesdale as we want to carry out improvements to our home in Stansted. Are we obliged to select a local Stansted solicitor on the Clydesdale conveyancing panel to deal with the paperwork?
Clydesdale would not normally instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale conveyancing panel.
I am buying a new build house in Stansted benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep advised me not to tell my conveyancer about this extras as it could impact my mortgage with the lender. 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.
How do I identify a Stansted solicitor on the Lloyds TSB Bank conveyancing panel? I have a car and am happy to travel upto 25kilometers to meet the conveyancer.
Feel free to make use of the facility on this page. Please pick a mortgage company and your location and you will see a number of Stansted conveyancing lawyers based on proximity. We have detailed some Stansted conveyancing firms towards the end of this page and you can call them to see whether they are on the Lloyds TSB Bank approved list