My wife and I are nearing an exchange on a flat in Neath and my mum and dad have sent the exchange deposit to my property lawyer. I am now informed that as the deposit has not come from me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancer is duty bound to clarify with the bank to ensure 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 agree, failing which, your lawyer must cease to continue acting.
Do the Building Society Association intend to launch a online directory to list law firms on the Loughborough BS conveyancing panel for instance in Neath?
We have not been informed any intention on the part of the BSA to develop such a tool.
I am purchasing my first flat in Neath benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about this side-deal as it could impact my loan with Platform Home Loans Ltd. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Neath I like with a park and railway links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Neath for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
20 days into purchasing a house in Neath. Conveyancing lawyer has told us the title is "Leasehold". Should this impact the marketability of the house?
Neath conveyancing does not usually involve leasehold houses. The crucial consideration here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's essentially freehold, so it shouldn't impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a material impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease provided to your conveyancer.