My Swanage conveyancer has uncovered a difference when comparing the information in the home valuation report and what is in the conveyancing documents. My solicitor says that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your solicitor 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 you.
Why is leasehold purchase conveyancing in Swanage is more expensive?
The conveyancing fees on a leasehold property in Swanage is inevitably more expensive when contrasted to a freehold property. This is because there is an amount of supplemental work required in corresponding with the freeholder and managing agents to collate the information concerning whether the rent and maintenance fee have been discharged and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
My house in Swanage is up for sale and I have a purchaser. Will my conveyancer have to be required to be on the Yorkshire BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
I am buying my first flat in Swanage with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my conveyancer about this deal as it may adversely affect my loan with the lender. Is this normal?.
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.
How do I use the search facility to find a conveyancing lawyer in Swanage on the approved list for my lender?
Step one is to select a mortgage company such as Nationwide Building Society, Bank of Scotland or Bank of Ireland then type in your preferred area e.g. Swanage. Conveyancing organisations in Swanage and beyond will then be identified.