The Sherborne conveyancing firm handling our Sherborne conveyancing has identified a difference when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your property 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 both parties.
Is there a reason why leasehold purchase conveyancing in Sherborne is more expensive?
Sherborne leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Sherborne. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/9/2023, the requirements read as follows :
I have justbeen informed that Wolstenholmes have closed. They carried out my conveyancing in Sherborne for a purchase of a leasehold flat 10 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Sherborne conveyancing specialists.
I'm purchasing a new build house in Sherborne benefiting from help to buy. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The sale representative advised me not inform my conveyancer about the side-deal as it may put at risk my loan with the lender. Should I keep quiet?.
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.