The Lancing conveyancing firm handling our Lancing conveyancing has uncovered a discrepancy between the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor says that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
Your lawyer 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 you.
Is it the case that all Lancing solicitor practices on the Nottingham conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Nottingham conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel and in that case the firms would be regulated by the CLC.
It is not clear whether my bank requires a lease extension. I have called into my local Lancing bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Lancing conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a house in Lancing. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lancing property lawyer is on the Nottingham conveyancing panel.
I have been told that property searches are the main reason for delay in Lancing conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Lancing.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Lancing?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Lancing. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Lancing. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Lancing
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.