Our North East London conveyancer has identified a discrepancy between the information in the valuation report and what is revealed within the conveyancing documents. My solicitor says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your conveyancer 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.
I require expedited conveyancing in North East London as I have a deadline to exchange contracts inside 3 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free buyer you are at liberty not to do searches although no solicitor would advise that you don't. Drawing on our experience of conveyancing in North East London the following are examples of issues that can be revealed and adversely affect market value: Enforcement Notices, Overdue Fees, Outstanding Grants, Railway Schemes,...
I'm purchasing my first flat in North East London benefiting from help to buy. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my solicitor about the side-deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. North East London is where the house is located. Can you shed any light on this issue?
Flying freeholds in North East London are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North East London you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North East London may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I go with a North East London conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can perform the legal work however they are based a couple of hundredkilometers away.
The benefit of a high street North East London conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were content that must surpass using an unfamiliar North East London conveyancing solicitor just because they are North East London based.