The Tooting conveyancing firm handling our Tooting conveyancing has uncovered a difference when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My solicitor says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?
Your conveyancing practitioner 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.
We note that you have a post code search directory identifying law firms on the Nationwide conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Tooting?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Tooting.
Are the BSA intent on creating a searchable register to list solicitors on the Coventry BS conveyancing panel for instance in Tooting?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
I am purchasing my first flat in Tooting with a mortgage from Birmingham Midshires. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not to tell my lawyer about the extras as it could jeopardize my loan with the lender. Is this normal?.
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 am tempted by the attractive purchase price for a couple of maisonettes in Tooting both have approximately fifty years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Tooting. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Tooting conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tooting premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired term was 62.94 years.