Our Tolworth solicitor has spotted a discrepancy between the assumptions in the valuation survey and what is revealed within the title deeds. My lawyer says that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach legitimate?
Your lawyer 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.
It is a dozen years since I purchased my property in Tolworth. Conveyancing lawyers have recently been retained on the sale but I am unable to locate my title documents. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be kept by the lender or they may be archived with the conveyancers who acted in your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Tolworth involves registered property but in the rare situation where your property is not registered it is more problematic but is not insurmountable.
I am purchasing my first flat in Tolworth with a loan from Skipton Building Society. The builders would not move on the price so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about the side-deal as it may affect 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.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Tolworth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Tolworth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tolworth you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tolworth may determine 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 premises.
We're first time buyers - had an offer accepted, but the selling agent advised that the owners will only proceed if we instruct their recommended conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in Tolworth
It is improbable the sellers are driving this. If they require ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you will continue to appoint your own,trusted Tolworth conveyancing firm - not the ones that will give the estate agent a referral fee or achieve conveyancing targets set by head office.