Our Market Deeping solicitor has identified a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My solicitor informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your property lawyer 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 both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Market Deeping? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to supply identification documents, your solicitor will not be able to take you on as a client.
Should our solicitor be making enquiries regarding flooding as part of the conveyancing in Market Deeping.
Flooding is a growing risk for conveyancers conducting conveyancing in Market Deeping. Plenty of people will purchase a property in Market Deeping, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or by their lawyers which can figure out the risks in Market Deeping. The conventional set of property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out if the property has historically flooded. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may commence a legal claim for losses as a result of such an inaccurate reply. A buyer’s conveyancers will also order an enviro report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be conducted.
I own a 4 bedroom Edwardian property in Market Deeping. Conveyancing practitioner represented me and Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Bank of Scotland to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Market Deeping and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing solicitor who conducted the conveyancing.
I'm buying my first flat in Market Deeping with a mortgage from Virgin Money. The developers refused to budge the amount so I negotiated 6k of extras instead. The sale representative suggested that I not to tell my lawyer about this extras as it may impact my mortgage 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Market Deeping ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may not grant a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Market Deeping. Conveyancing may be slightly more expensive based on your lender's requirements.