My Lisvane conveyancer has identified a difference between the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My lawyer says that he needs to check that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your property lawyer 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.
Why do I have to pay up front for my conveyancing in Lisvane?
If you are buying a property in Lisvane your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be required shortly before contracts are exchanged. The closing balance that is due should be sent to your lawyer shortly before completion.
Can I be sure that the Lisvane conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Lisvane getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your conveyancing.
We are getting a further advance on our mortgage from TSB as we want to carry out renovations to our home in Lisvane. Do we need to appoint a high street Lisvane solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB don't usually instruct a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
We expect to receive a AIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Lisvane solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lisvane solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
It has been 2 months since my purchase conveyancing in Lisvane concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 am buying a new build house in Lisvane with a mortgage from Nottingham Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my lawyer about this extras as it will 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.
Last May I purchased a leasehold house in Lisvane. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Lisvane Leasehold Conveyancing - A selection of Questions you should consider before buying
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Who are the managing agents? The answer will be important as a) areas may result in problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have complete disclosure You should be aware if it is no more than eighty years it will impact the value of the flat. It is worth checking with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. For most Lisvanelease extensions you will need to own the residence for a couple of years in order to be entitled to exercise a lease extension.