My Loddon solicitor has identified a difference between the assumptions in the valuation survey and what is in the legal papers for the property. My solicitor has advised that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action legitimate?
Your 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.
My lawyer in Loddon is not on the TSB Approved Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the TSB panel?
Your options are as follows:
- Complete the purchase with your preferred Loddon lawyers but TSB will need to use a conveyancer on their panel. This will result in additional total conveyancing fees as well as result in delays.
- Find an alternative solicitor to act in the conveyancing, obviously checking they are on the TSB panel
My relative suggested that if I am purchasing in Loddon I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Loddon conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Loddon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Loddon Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information about Loddon.
I am buying my first flat in Loddon with a loan from Britannia. The builders would not budge the amount so I negotiated 6k of additionals instead. The sale representative told me not inform my lawyer about this extras as it may affect my mortgage with Britannia. Is this normal?.
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.
Two months into a sale of a flat in Loddon. Conveyancing is fine but we are being charged an extortionate amount by the freeholder. So far we have paid £275 for a leasehold management information and then another £117.20 for additional queries raised by the purchaser's property lawyer.
Your property lawyer will unlikely have any say over the extent of the fee for this information but the average fee for the information for Loddon leasehold property is £380. When it comes to Loddon conveyancing transactions it is standard for the seller to pay for these costs. The freeholder or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices disproportionate to the work involved. Regretfully there is no law that mandates set charges for administrative tasks. Neither is there any statutory time frame by which they are required to provide answers.