I am acquiring a newly constructed duplex in Tonbridge and my solicitor is advising me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a property lawyer in Tonbridge for our house move. Our broker has since notified us that our mortgage lenders Accord Mortgages Ltd won't deal with them. Surely this is unfair competition?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Tonbridge conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and their employees and set certain criteria such a completing on a minimum volume of conveyancing. Many Tonbridge conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Tonbridge is one of the numerous areas where the conveyancers we list are are authorised to act for Accord Mortgages Ltd.
Will our lawyer be asking questions regarding flooding during the conveyancing in Tonbridge.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Tonbridge. There are those who purchase a property in Tonbridge, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that can be carried out by the purchaser or by their solicitors which should figure out the risks in Tonbridge. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser may commence a legal claim for losses stemming from an incorrect answer. A purchaser’s lawyers should also carry out an enviro report. This should higlight if there is a recorded flood risk. If so, additional inquiries will need to be initiated.
I need to instruct a conveyancing solicitor for some conveyancing in Tonbridge. I have land on a site which seems to have the ideal solution If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having had my offer accepted I require leasehold conveyancing in Tonbridge. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Tonbridge - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a basement flat in Tonbridge, conveyancing formalities finalised September 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Tonbridge with an extended lease are worth £181,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2069
You have 50 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.