The Grimsby conveyancing firm handling our Grimsby conveyancing has identified a difference between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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.
Finally the sale completed on my house in Grimsby last July but my buyer keeps e-mailing me complaining that his conveyancer needs to hear from myconveyancer. What are the post completion sale formalities following completion?
Post completion of your sale your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your solicitor must also evidence that the legal charge in favour of the lender has been discharged to the buyers solicitors. There are no post completion steps specific conveyancing in Grimsby.
The Grimsby conveyancing firm that I appointed last week on my purchase in Grimsby have suddenly closed. I only went with them because I had to have a solicitor on the HSBC conveyancing panel and my previous Grimsby lawyer was not. I paid them money in advance. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I'm buying a new build house in Grimsby benefiting from help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my solicitor about the deal as it will affect my mortgage with the lender. 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.
We are a fortnight into a residential purchase having been recommend to conveyancers by the estate agent to carry out the conveyancing in Grimsby. We are not happy. Could you help me find new solicitors?
They would need to be really bad in order to consider diss instructing them. Has your mortgage offer been generated? If so you need to inform them of the new conveyancer and have the offer are re-issued. The solicitor ideally needs to be on the banks approved list to avoid supplemental costs and frustration. That should be your first question of the new lawyers. The search tool will assist you in finding a bank approved solicitor for your conveyancing in Grimsby
Can you offer any advice when it comes to finding a Grimsby conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Grimsby conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Grimsby conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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How familiar is the practice with lease extension legislation?
I inherited a split level flat in Grimsby, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Grimsby with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2093
With just 67 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.