Our Babbacombe lawyer has discovered a discrepancy when comparing the information in the home valuation report and what is in the legal papers for the property. My lawyer informs me that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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 both parties.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Babbacombe?
Do check but the the probability is that give you one of their panel conveyancers should you accept the "fee-free" incentive. Contact the bank to see if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Babbacombe.
2 months have gone by since my purchase conveyancing in Babbacombe concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Babbacombe with a loan from Alliance & Leicester . The developers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent told me not disclose to my solicitor about the deal as it may impact my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Babbacombe is where the house is located. Can you shed any light on this issue?
Flying freeholds in Babbacombe are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Babbacombe you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Babbacombe may ascertain 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 residence.
I work for a long established estate agent office in Babbacombe where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Babbacombe conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a 1 bedroom flat in Babbacombe, conveyancing having been completed in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Babbacombe with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2095
With only 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.