Our Montacute lawyer has spotted a discrepancy between the information in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he must check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements 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.
I am looking to buy a flat and need a conveyancing solicitor in Montacute who is on the Nottingham Building Society approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nottingham Building Society in certain locations such as Montacute. We dont recommend any particular firm.
I need some fast conveyancing in Montacute as I am faced with an ultimatum to exchange contracts inside one month. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not taking a mortgage you are at free not to have searches conducted although no solicitor would recommend that you don't. With lots of history conveyancing in Montacute the following are examples of issues that can crop up and adversely affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
I am purchasing my first flat in Montacute with a mortgage from Accord Mortgages Ltd. The builders would not budge the amount so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my solicitor about the extras as it would impact my mortgage with Accord Mortgages Ltd. 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've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Montacute. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Montacute are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Montacute so you should seriously consider looking for a Montacute conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I bought a 1st floor flat in Montacute, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar flats in Montacute with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2071
With only 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.