My Partington conveyancer has discovered a discrepancy when comparing the information in the valuation report and what is revealed within the conveyancing documents. My lawyer says that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach right?
Your property 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.
Can you explain why leasehold purchase conveyancing in Partington is more expensive?
The conveyancing costs on a leasehold premises in Partington is often higher as compared to a freehold acquisition or disposal. This is because there is an amount of additional investigations required in liaising with the freeholder and managing agents to obtain information about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Partington?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We were going to get a OIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Partington solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Partington solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Partington building society branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Partington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the solicitor is on the lender approved list, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
I recently had an offer accepted on an apartment in Partington. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Soon after, the property lawyer contacted me sheepishly admitting that they were not on the Principality 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 Principality 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'm buying a new build house in Partington with a mortgage from National Westminster Bank. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about this deal as it could jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.