My Buckfastleigh solicitor has spotted an inconsistency when comparing the information in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he must check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Buckfastleigh with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
A relative suggested that where I am buying in Buckfastleigh I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Buckfastleigh conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Buckfastleigh around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Buckfastleigh.
I am purchasing my first flat in Buckfastleigh benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about this extras as it will adversely affect my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Buckfastleigh is the location of the property. Can you offer any assistance?
Flying freeholds in Buckfastleigh are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Buckfastleigh you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Buckfastleigh may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.