We are approaching an exchange on a property in Smithfield and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your conveyancing practitioner is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
If you had a top tip for choosing a conveyancing solicitor in Smithfield what would it be?
It would be unwise to be swayed by the cheapest Smithfield conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I just bought a flat at auction in Smithfield. Conveyancing is necessary. What are my next steps?
Given that you have now exchanged you now have to hire the services of a conveyancing solicitor as a matter of priority as you now have a fast approaching a fixed date to complete the purchase. Every auction property should have an associated legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must give this to the lawyer working for you at the earliest opportunity. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
When it comes to mortgage companies such as Nationwide, do Smithfield solicitors have to pay a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I'm purchasing my first flat in Smithfield benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my conveyancer about the extras as it would affect my mortgage with Yorkshire Building Society. Should I keep quiet?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Smithfield ahead of retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies tend not give a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Smithfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Smithfield to see if the conveyancing will be more expensive.
Our conveyancing in Smithfield is completing next Friday, yet the vendors I am buying off wishes to vacate on the Saturday afternoon. Do I agree to this?
If you need a bank loan then your solicitor will require that the premises arevacant on Friday - the lender will require it.