The Kingswood conveyancing firm handling our Kingswood conveyancing has discovered a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My lawyer informs me that he is obliged to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
About to place an offer on a leasehold property in Kingswood. The estate agents tell me that it is normal for flats in Kingswood to have less than 75 years remaining. I am expecting a loan with Chelsea Building Society. Is this going to be acceptable if the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/9/2019 the requirements read as follows :
Is it correct that all Kingswood CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
Some major banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Kingswood lawyer on the Kent Reliance panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
I recently had an offer accepted on a house in Kingswood. My financial adviser recommended their conveyancers. I paid an on account payment of £200. A few days later, the conveyancer called me sheepishly admitting that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Kingswood for a purchase of a leasehold flat 10 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kingswood conveyancing specialists.
I'm buying my first flat in Kingswood with a loan from Bank of Scotland. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not to tell my lawyer about the deal as it could put at risk my loan with the 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.