Me and my fiance are acquiring property in Shooter's Hill. My property lawyer is not on the bank approved list. Is it possible for me to continue with my Shooter's Hill conveyancing solicitor notwithstanding that they are not on the lender approved list?
You will need to have a to deal with the formalities if you require a mortgage to purchase your home. The will carry out all the necessary legal checks on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is dealt with. One can appoint a Shooter's Hill of your choice. However, where the selected is not on the bank approved list supplemental charges will arise as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so where your conveyancer has not historically applied for membership they should do so.
I purchased a freehold residence in Shooter's Hill yet charged rent, why is this and what is this?
It is rare for properties in Shooter's Hill and has limited impact for conveyancing in Shooter's Hill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
It has been 3 months since my purchase conveyancing in Shooter's Hill concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Shooter's Hill benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not reveal to my solicitor about this side-deal as it would impact my loan with . Should I keep quiet?.
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 have been recommended by a number of estate agents in Shooter's Hill to select a property lawyer on your site. What’s the financial advantage for Estate Agents to recommend your lawyers over and above a competitor’s?
We don’t give any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.