The Empingham conveyancing firm handling our Empingham conveyancing has discovered a discrepancy between the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance 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.
How do I find out if the solicitor carrying out my conveyancing in Empingham is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus spending £187.00 plus VAT in additional conveyancing bill.
You should make the most of the find a lender approved solicitor tool on this site. Pick the mortgage company and type ‘Empingham’ or your preferred area and you will discover numerous solicitors offices in Empingham or nearest you.
What will a local search tell me about the house I am buying in Empingham?
Empingham conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for example Searchflow The local search plays a central role in most Empingham conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I'm buying a new build house in Empingham with a mortgage from Alliance & Leicester . The sellers would not reduce the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my conveyancer about this side-deal as it could put at risk my loan with the lender. 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.
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Empingham. I am keen to get lease extension but my landlord is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent would be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Empingham.
I inherited a basement flat in Empingham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding flats in Empingham with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2101
You have 77 years unexpired the likely cost is going to range between £7,600 and £8,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.