My partner and I are approaching an exchange on a property in Exminster and my parents have transferred the exchange deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am expecting a DIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Exminster solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Exminster solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Exminster bank branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Exminster conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer must comply with the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nottingham have agreed my home loan in principle, my bid on a house in Exminster has been agreed to, what are the next steps?
Your estate agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Contact Nottingham or the broker and finish off any relevant paperwork. Nottingham will sellect a valuer who will get in touch with the estate agent or owners to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Nottingham will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Exminster.
How does conveyancing in Exminster differ for new build properties?
Most buyers of new build premises in Exminster approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Exminster usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Exminster or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Exminster I like with a park and railway links nearby, however it's only got 49 years on the lease. I can't really find anything else in Exminster suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Is it simple use your search facility to get a costs illustration from a conveyancing lawyer in Exminster on the approved list for my mortgage?
Step one is to select a bank such as Halifax, Coventry Building Society or Alliance & Leicester then choose your location for instance Exminster. Conveyancing organisations in Exminster and nationally will then be listed.