Our Failsworth solicitor has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My lawyer says that he must check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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 both parties.
My wife and I are close to exchanging contracts on the sale of our property in Failsworth and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using an internet conveyancing outfit as opposed to a conveyancing solicitor in Failsworth. We have lived in Failsworth for 4 years we know that this is a non issue. Should we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I'm purchasing my first flat in Failsworth with the aid of help to buy. The developers would not budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not disclose to my conveyancer about this deal as it would put at risk my loan with National Westminster Bank. Is this normal?.
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.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Failsworth I like with amenity areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Failsworth in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
My step-father has encouraged me to appoint his conveyancing solicitors in Failsworth. Should I find my own property lawyer?
Much as we are happy to recommend a Failsworth conveyancing lawyer it’s preferable to find a conveyancing lawyer is to seek referrals from friends or family who have used the conveyancer that you are contemplating using.