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Recently asked questions about conveyancing in Truro

Our conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in Truro. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the bank?

Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions must be adhered to.

I purchased a freehold property in Truro but still invoiced for rent, why is this and what is this?

It is rare for properties in Truro and has limited impact for conveyancing in Truro 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

What can a local search inform me about the house my wife and I purchasing in Truro?

Truro conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for instance Xpress Legal The local search is essential in every Truro conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.

I am purchasing my first flat in Truro with a mortgage from The Royal Bank of Scotland. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not to tell my lawyer about the side-deal as it could jeopardize my mortgage with the bank. 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.

I have been on the look out for a flat up to £305k and found one round the corner in Truro I like with a park and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Truro for this price, so just wondered if I would be making a mistake purchasing a short lease?

If you require a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.

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Find out more about how flying freehold can affect your the value of a property.