Me and my partner are due to exchange buying a house in Bosham but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the vendor in the sum of £2k taking the form of a reduction in the price. This was going to be dealt with as part of a side agreement yet Leeds Building Society are not allowing this. Should they have been approached?
The property lawyer that is on the Leeds Building Society conveyancing panel is duty bound to advise Leeds Building Society of any changes to the sale price. If you were to refuse your solicitor to report the price change to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancer for your conveyancing in Bosham.
Will my conveyancer be raising questions regarding flooding during the conveyancing in Bosham.
The risk of flooding is if increasing concern for solicitors dealing with homes in Bosham. Plenty of people will acquire a property in Bosham, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Bosham. The conventional set of information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to determine if the premises has ever been flooded. If the residence has been flooded in past which is not notified by the owner, then a buyer could commence a legal claim for losses as a result of such an inaccurate response. The buyer’s solicitors will also carry out an enviro search. This should indicate whether there is a recorded flood risk. If so, further inquiries will need to be conducted.
It has been 3 months since my purchase conveyancing in Bosham concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 residence 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.
I am purchasing a new build house in Bosham with a loan from Aldermore. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not inform my solicitor about the side-deal as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Should I appoint a Bosham conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can carry out the legal formalities but they are based 200kilometers drive away.
The primary upside of using a high street Bosham conveyancing practice is that you can visit the firm to sign paperwork, deliver your identification documents and pester them where appropriate. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that must trump using an unknown Bosham conveyancing solicitor just because they are based in the area.